October marks the month when we recognize and remember those brave people who have been struck by the insidious disease of breast cancer — both the survivors and those who are no longer with us. We are all stronger for your struggle.
The personal saving rate fell more than half a point to 9.4% from July to August, according to numbers from the Bureau of Economic Analysis. This makes the record 33.8% rate at the height of the pandemic in April 2020 seem like ancient history. Why the steep decline? Well, people are getting back to spending their limited income rather than saving their stimulus checks. Our friends at the Balance have more insights.
Fannie Mae’s HomeReady program can help you make a property pencil out with a low 3% down payment and additional flexibility to apply gifts, grants, and cash-on-hand to your down payment and closing costs. You also get the benefits of affordable and cancelable mortgage insurance — unlike FHA loans — and valuable homeownership education so you understand all of the factors at play. Check this quick start guide for more.
So what’s the downside? Well, you need a good credit score just to qualify for a HomeReady loan, and there are income restrictions that could leave you on that bubble of making too much to meet the limit but not enough to make the purchase work. And a lower down payment means additional financing and higher interest rates, which may not fit your monthly budget. Find out if you qualify using this simple map tool.
The change of season brings with it a change of colors, reminding us of the great cycle of life and providing an opportunity to reflect on friends, family, and the world we share together.
The numbers are in from August, and as you can see, the Santa Clara County housing market is still on the rise, whether you’re looking for a house or a condo. Inventory is up year-over-year from the height of the pandemic in Summer 2020, but properties are spending less time on the market, and prices are soaring.
What does this mean for you? Contact us for more insights!
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