Here are two new home loan programs that you should consider.
As interest rates have increased, buyers and sellers have started looking for new ways to make moving more affordable. Fortunately, lenders have heard people’s concerns, and they’ve come up with some creative strategies to help you buy or sell your home.
One of our lenders told us about a new program designed to help doctors right out of medical school get into homes. This program is 100% financing, has no mortgage insurance, and accepts a higher debt-to-income ratio than most loans. Essentially, lenders are leveraging your future income as an MD to provide you with the best deal possible.
Another loan program they offer can help small business owners who can’t prove their incomes with traditional W-2s. If you’re self-employed for two years, you can qualify for a home loan using only your bank statements.
These programs aren’t for everyone, but they’re one more step lenders are taking to help people get into homes in these tougher times. Finally, we just want to mention that high interest rates don’t mean you can’t buy a house the traditional way. In fact, there is less competition among buyers right now, so you might be able to secure generous concessions from your seller. Plus, you can always refinance whenever interest rates eventually come down.
If you have questions about this topic or anything else, please call or email our team. We’d love to hear from you!