What You Need to Know as First home buyer in Today’s Market

What You Need to Know
What You Need to Know
spacer 126%The share of first-time home has fallen to its lowest level on record over the last year as young adults face a longer path to homeownership, NAR data shows. Comprising just 26% of all buyers in 2022, first-time buyers are also older than ever before. READ MOREspacer 1

10.2%Pending home sales dropped for the fourth straight month in September, down 10.2% from August. As NAR Chief Economist Lawrence Yun noted, “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”spacer 1READ MOREspacer 1

10T/4.0Last month, the Federal Housing Agency (FHFA) validated and approved both the FICO 10T and the VantageScore 4.0 score models for use by Fannie Mae and Freddie Mac (the Enterprises). NAR has advocated for years for the use of newer credit scores as a means of fostering competition, innovation, and access.spacer 1READ MOREspacer 1

2FHFA also announced last month a reduction in loan-level pricing adjustments that the Enterprises charge to first-time buyers, low- and moderate-income buyers, and underserved groups and market sectors. “NAR has long advocated for these reductions, but the benefit … is even more important today as we confront the highest rates in almost two decades,” said NAR President Leslie Rouda Smith.spacer 1READ MORE
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