05/31/2024
Attention friends and Family. If you know anyone who is interested in buying RE this new Mortgage is ideal. Most people are waiting for rates to drop which may or may not happen. Even if they drop 1 or 2 % the savings would be minimal compared to waiting due the rising cost of homes. It is estimated that homes are going up 3% . Buying now will be better than waiting with this in mind. Share this information with anyone you know who is thinking of purchasing. Contact me today! 305 725 1169
Will Interest Rates Go Down in 2024: Factors Leading to Potential Interest Rate Cuts
What are the factors that could lead the Fed to cut interest rates in 2024? One of them is the expected slowdown in economic growth as the effects of fiscal stimulus fade and the pandemic-related disruptions ease. The International Monetary Fund (IMF) projects that the US economy will grow by 6.2% in 2023, but only by 2.8% in 2024.
Another factor is the expected decline in inflation as supply and demand imbalances are resolved and commodity prices moderate. The Fed expects inflation to average 3.7% in 2023, but to fall to 2.2% in 2024.
Of course, there are also risks and uncertainties that could alter the Fed's plans. For example, if inflation proves to be more persistent or higher than expected, the Fed may have to raise interest rates further or faster than anticipated. Conversely, if the economy faces a negative shock or a downturn, the Fed may have to cut interest rates sooner or deeper than projected.
Mortgage Brokers Can Qualify More Borrowers With This UWM Exclusive
Down payment assistance programs continue to be valuable resource for homebuyers across the country. To help our mortgage broker partners grow their business and better serve borrowers, we offer an exclusive 0% Down Purchase program. Simply put, qualified borrowers receive a 3% down payment assistance loan, up to $15,000, from UWM. This allows our partners to help more borrowers get into a home right now with no down payment.
Here's how it works:
First lien mortgage meets LTV requirements
UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000
Second lien has no monthly payment requirement and no interest
Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
Payments on the second lien can be made throughout the loan term, but are not required
How borrowers can qualify:
Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible® guideline requirements
For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%
—OR—
At least one borrower must be a first-time homebuyer and meet HomeOne® and UWM’s guideline requirements
First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years
700 FICO and LTV must be greater than 95%, up to 97%
