Lenders have been quick to adopt the recent reduction of required down payment for a mortgage from 5 percent to 3 percent, allowing more people to qualify for a mortgage. This more realistic down payment requirement has provided many more with the opportunity to invest in their dream home, and has streamlined the previously tedious process of securing a loan. Lenders are now able to sell their loans directly to Fannie Mae and Freddie Mac as opposed to selling to aggregators or wholesale lenders. Therefore, are less likely to be swamped in loan requirements meaning that more people are eligible to receive loans to buy Miami Properties.
The next step in the process is to make more consumers aware of this new 3 percent rule, as many are still not familiar with the change and not taking advantage of it. Overall, the new guidelines discussed earlier will make it easier for consumers to access loans because it is now more clear to lenders what is required in order for someone to be suitable for a loan. Not to mention, the lower down payment requirement will help many first time home buyers, otherwise unable to get a loan, have the chance to buy Miami properties. With less gray areas it is easier for lenders to know who qualifies for approval and awards loans to those who are eligible. Once more eligible buyers are able to obtain a mortgage, naturally you will see more Miami properties in the varying Miami neighborhoods trading hands.
With the new year bringing easier and quicker loans to those who meet the requirements and smaller down payments for mortgage, now is the perfect time to buy real estate. Miami properties are some of the best available today, so if you are interested in either commercial or residential properties throughout South Florida then contact a RE/MAX Paradise agent today and they will be happy to assist you!
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