In this red-hot housing market, being able to act quickly is vital. This a great time for REALTORS® to educate clients about the importance of getting an early loan pre-approval.
Having a loan pre-approval can dramatically expedite the homebuying process, and in an environment where the number of interested buyers eclipses the number of available homes, a loan pre-approval is essential.
REALTORS® can help their clients by encouraging them to investigate their financing options right away. An excellent one-stop shop to find solutions is Freddie Mac. As explained in the Freddie Mac webinar series for Illinois REALTORS® members, Freddie Mac offers financing solutions that are specialized to meet diverse needs.
Here are some financing options homebuyers may wish to explore:
First-time homebuyers
- HomeOneSM mortgages are available to qualified first-time homebuyers for a down payment of 3 percent.
Rural homebuyers
- Rural Housing Service Section 502 Leveraged Seconds help meet the needs of low-income rural borrowers and increase homeownership opportunities in underserved markets through Rural Housing Service (RHS) Leveraged Seconds.
- Guaranteed Rural Housing reaches underserved markets with loans guaranteed by USDA’s Rural Housing Service (RHS) under its Section 502 Guaranteed Rural Housing (GRH) Loan Program.
Low-income homebuyers
- Home Possible® mortgages offer credit flexibilities and options to help your very low to low-income borrowers attain the dream of owning a home with a down payment as low as 3 percent.
Native American homebuyers
Flexible financing
- Affordable Seconds® helps meet the needs of borrowers who require flexible secondary financing options to increase their homeownership opportunities.
Renovations
Manufactured homes
- CHOICEHome® mortgages help eligible buyers finance certified manufactured homes.
- Manufactured Homes mortgages are originated, underwritten and serviced to help borrowers buy homes they can afford and maintain.
