Great news for first-time home buyers. Lower mortgage rates are coming from Fannie Mae and Freddie Mac. In a meeting at the mortgage banker’s conference, the Federal Housing Financing Agency director Sandra Thompson announced that Fannie Mae and Freddie Mac would both be reducing their loan level pricing adjustments for Home Possible and HomeReady mortgages.
What does that mean to home buyers? It will mean roughly a 1.25% lower interest rate than you have been seeing in the past. This is being done because the Federal Housing Financing Agency wants to encourage affordability for first-time Home Buyers. This will be accomplished by removing the loan level pricing adjustments for Home Possible and Home Ready mortgage programs.
Loan level pricing adjustments are fees that Fannie Mae and Freddie Mac charged to lenders to originate these two first-time home buyer programs and all their other products. By eliminating these adjustments lenders are able to offer lower mortgage interest rates to home buyers.
Not all lenders are offering this right now but due to our volume and being the largest mortgage broker in the country, we have access to this now.
If you are a first-time home buyer or have been thinking about buying a home, give me a call today at (214) 945-1066 or complete an application online now. You definitely can save some money with this new pricing structure.
Branch Manager, NMLS 217454
Your Local, 5-Star Rated Mortgage Lender
Voice/Text: (214) 945-1066
Nexa Mortgage NMLS# 1660690
7820 Hague Ct Plano, TX 75025
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Nexa Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualifications. Rates and fees are subject to change without notice.