- Those who want to buy a house could enjoy new benefits from the federal government
- a couple of proposals could open the options for a really promising mortgage financing
- Among the grants would be an incentive for the down payment of the house for a sum of up to $ 25,000
A great opportunity is coming! Those who want to buy a house could enjoy new benefits from the federal government, thanks to a couple of bills that have recently been introduced in Congress.
The pandemic has ‘tightened’ the pockets of citizens in USAThat is why those who want a home of their own see it as a distant dream. However, two proposals could open up the options for really promising mortgage financing.
Those who want to buy a house could have new benefits from the government
Many people have gone into debt to pay for a house, some others have even forgotten the idea of being able to buy one; But the Biden Administration wants to change that landscape and offer families the hope of owning a home.
Then, the question would be: What are those benefits that the government will allocate for those who wish to acquire a home? They are two bills that are currently on the table of legislators. We tell you about them.
FIRST PROJECT OF LAW
The first of the bills is aimed at motivating buyers to enter the process of acquiring a home for the first time. They would do this through down payment assistance on your home. This down payment incentive would be for the sum of up to $ 25,000, As reported The opinion.
This law has been called Initial Payment to Equity Law of 2021 and its goal would be to create a grant program that gives states the opportunity to provide applicants with money for a down payment, closing costs and even fees to help them lock in lower mortgage rates.
$ 25,000 for the initial
This is one of the projects that Democrats seek to make a reality in Congress. Although it has not yet been approved, they have already stipulated that applicants for this aid will have to meet certain requirements. The project aims to include not only those who are homeless, but also those who had one, but lost it due to problems paying.
In conclusion, this bill will offer eligible persons financial assistance of up to $ 20,000 or a down payment assistance of up to $ 25,000 as long as the interested party can prove to be economically disadvantaged.
SECOND PROJECT OF LAW
The second bill has been called draft First time home buyer law and its goal would be to grant beneficiaries a tax credit of up to 10% of the home’s purchase price, or up to $ 15,000. They are excellent alternatives, so be sure to pay attention to the next congressional decision, as it will benefit millions of families.
Most are terrified of going through the buying process. Some have even given up hope before even trying. But it turns out, that pandemic due to coronavirus that began in 2020 has opened a huge opportunity for them to finally have the home they dream of.
If you want to buy a house in the United States, this is what you should know about interest rates
Many people they dream With buying a house in the United States, but do not know how, check the interest rates of this May 5, 2021. Most of the mortgage and refinance rates have decreased since last Wednesday. This after a week of most rates increasing.
For mortgages, the interest rates this Tuesday, May 5, 2021 are at 2.45% for fixed 15-year mortgages; while if it is a 30-year fixed mortgage it could be 3.32%, according to Business Insider. It is important to remember that ‘conventional’ mortgages are reflected in this graph. However, if you decide to apply for a government-backed mortgage, you may find better rates. Although for this you must be eligible and meet certain requirements.
Refinancing rates May 5, 2021
But if you know you want to buy soon, you should probably start the pre-approval and lock-in application process at a fee. You could get a 15-year refinance rate of 2.65%; while if it is a fixed mortgage for 30 years you can get a rate of 3.67%.
According to the page “Rates will likely remain relatively low for several months. You don’t need to rush to take advantage of today’s low rates if you’re not ready yet. Take the time to find a home that is right for your family, and find out how much home you can afford. » Filed Under: Buying Home Interest Rates
The moment is now
Patricia boecio, expert in mortgage loans With many years of experience working with the Hispanic community, she responds without hesitation if this is actually a good time to ‘take on’ the commitment to buy a home.
“I would say that it is an extraordinary time and this summer, whoever can qualify and has the money to buy their house should do so now, because the interests are so low. Also, the houses this summer are not going to be more expensive. Common sense! ”, Says the expert. Filed Under: Buying Home Interest Rates
How to find and finance the house of your dreams?
It’s true, buying a home can seem like a daunting task, as it takes time and effort. So LCR Capital Partners He devised a series of steps for you to make your dream of owning your own home come true.
Take the following 10 steps that can help you make decisions and can make the journey to your goal of buying a home easier, more bearable and with less hassle. The updated interest rates you noted earlier will also help. Filed Under: Buying Home Interest Rates
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