Nashville, TN – Recent rule changes regarding mortgage insurance and lower down payment mortgage amounts on conventional loans allow potential home-buyers to purchase a new home with even more attractive monthly payment options.
First, Fannie Mae and Freddie Mac have changed their rules and now allow as little as a 3% down payment on a home. Combining less stringent mortgage insurance requirements from the government, with historically low interest rates, monthly house payments including insurance and taxes is averaging $300 per month less than this time last year.
“Now is a great time to get out of a renting situation and buy a home”, says Mike Hoover. “There are so many options in loan programs, down payments, and interest rates that give people the opportunity to purchase a home with an affordable monthly payment.”
The changes in rules contributed to home purchases rising 12% in February alone. This strong growth in home sales is expected to continue, as job creation and a fast-growing economy continue in Middle Tennessee. “In fact, the housing market is very tight, “ says Joe Stanford, Vice-President of Accurate Mortgage Group. “It is not uncommon for any new listings to have multiple offers in a single day. We are proud to be able to close loans in 21 days or less, something that is very attractive to the sellers, and gives the buyers an edge.”
Locally owned and operated, Accurate Mortgage Group has served the Nashville area’s mortgage needs for nearly 10 years. Mike, Joe and their team of experts provide top notch mortgage services with a real focus on quality customer service. Nmls#4664. Equal Housing Lender.
For more information visit www.accuratemtg.com.