This year is an election year, meaning several changes to government programs – and laws – are being proposed. Democrats have their views, and Republicans’ views differ, but one thing is certain: we’re all watching with anticipation to see what will be proposed – and maybe even passed – that can further improve the housing industry.
Besides potential changes to government programs, homebuyers everywhere are keeping tabs on the housing market – not only in terms of home values and what’s going on with pricing, but also with mortgage rates (at press time, 3.98 percent for a 30-year fixed rate mortgage), new loan options they can take advantage of and any new program that might help them secure a loan. For instance, Wells Fargo has implemented a new program, featured on page 17, aimed at medical students and doctors who have completed their residency within the last three years. Programs like this, which enable different niches of the market and homebuyers with certain qualifications to obtain a loan, can help homebuyers become homeowners faster than they may have anticipated.
Despite the skepticism and uncertainty clouding the mortgage industry right now, there are still benefits homebuyers can work to their advantage when it comes to purchasing a home – low mortgage rates, more loan options and more refinancing options. It’s still a buyer’s market, and it’s still a great time to buy a home. Hopefully any changes to HAMP, HARP 2.0 or Dodd-Frank will still benefit homebuyers, the industry, and keep it on track to a modest recovery.