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Buyer’s Guide Winter Edition 2024

Buyer’s Guide Winter Edition 2024

Wondering How Much Money You Need To Save For A Down Payment?

Understand 20% Isn’t Always the Typical Down Payment Freddie Mac explains: “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below): Wondering How Much You Need To Save for a Down Payment? | https://bit.ly/3GqsFbD Learn About Options That Can Help You Toward Your Goal If saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey. Bottom Line Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your down payment options.

Selling your house in the Winter. Is this the best time?

There’s no denying there’s a lot going on in the housing market this season. That may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking, and the data that helps answer them so you can make a confident decision. 1. Should I Wait To Sell? 2. Are Buyers Still Out There? 3. Can I Afford To Buy My Next Home? These are just a few of the questions that will be answered in this guide.

First Time Homebuyer Guide

Buying a house can feel like a daunting task. It involves a lot of different factors, including everything from loan qualification and credit checks to appraisals, legal contracts, and more. It can all feel a little unapproachable, especially if you’ve never done it before. But it doesn’t have to be that way. This guide will help answer many questions that you might have: Do I need to have 20% Down Do I need to payoff my student loans to qualify? How do I start the process? Is this a good time to buy? What are my must haves in my new home? What do I need to do to prepare for home ownership? What should I avoid in preparing to own a home? Is my credit good enough? These are just a few of the questions you might have. This guide will provide answers to many of these questions and more!

Buyer’s Guide – Winter Edition

With everything going on in the housing market right now, you may have a number of questions about what that means for you and your plans to buy a home. Here are three things that are likely top of mind for you. 1. Why Did Mortgage Rates Rise So Much In 2022? 2. What’s Happening with Home Prices? 3. Should I Buy a Home Today? Bottom Line Don’t let the uncertainty in the market put your dreams on hold. Let’s connect so you have an expert on your side to answer all your housing market questions. Together, we’ll review your goals and what’s happening in our market so you have the information you need to make a powerful and confident decision.

Temporary Buydown

A temporary buydown allows borrowers to reduce their effective monthly payment for a limited period of time. In a temporary buydown, the effective interest rate that a borrower pays during the early years of the mortgage is reduced as a result of the deposit of a lump sum of money (called a "subsidy") into a buydown account, a portion of which is released each month to reduce the borrower's payments. A common temporary buydown is a “2/1 Buydown” which means that the payment is calculated at an interest rate of 2% less than the note rate for the first 12 months, and 1% less than the note rate for the next twelve months. The actual note rate and monthly payment that the borrower is obligated to pay is never actually reduced but the buydown subsidy is applied to the payment. At the end of the buydown period, the buydown funds collected at closing will have been exhausted, and the buydown period ends.

Things to consider when selling your home

When you sell your house, you want to balance getting the most out of your sale with knowing you're making a good investment on your next home. This guide will provide you with the following: 1. Is it the right time to sell? 2. Expert insights for today's sellers 3. Why seller are winning big today 4. What is going to happen with home prices this year 5. Why working with a Realtor is key to pricing your home correctly 6. Record equity gains are powering your next move 6. Why Homeownership is a hedge against inflation.

Buyer’s Guide – Summer

Are you thinking of buying a home this summer? If so, you have a great opportunity in front of you. This guide will provide you with insights, statistics and commentary on why this might be the best time to buy!

What loans are available to Veterans

If you are a Veteran, we have the loan options for you!

Debt consolodation

Is it time to pay down or consolidate your debt? We have many solutions for you!

Mortgage Dont’s during the process

Here is a list of the items not to do during the process of your mortgage loan.

Investment Property Financing

How many investment properties can I own? How much do I need to put down? We have all your investment property answers for you!

Jumbo Advantage

Looking for Jumbo financing? We have the solutions for you. From in house underwriting to great rates, we are the choice for Jumbo financing.

Is it time to Refinance?

Not sure if it makes sense to refinance. There are many reasons why it might be the right time!

FHA Loans

If you have less than stellar credit, an FHA loan might be the best fit for you.

Homeready – First time home buyer program

Homeready is a 2nd option for first time home buyers. *Income limits do apply to the program.

Home Possible – First time home buyer program

Home Possible is just one of the many 1st time home buyer programs we offer. *Income limits do apply.

Need a Renovation Loan?

Here is some information on one of the Renovation products Canopy offers.

VA Loan Options

Here are a few of the VA loan options available to you through Canopy Mortgage.

Before you Apply for a Mortgage Loan

Here are some great suggestions on how to prepare for the mortgage application process.

80-10-10 Financing

When you don't have quite enough money to put 20% down, we have the solution for you!

Why Choose Canopy Mortgage