2015 is already being called the "Year of the First-time Homebuyer" and with the new programs rolling out from Fannie Mae and Freddie Mac, more Wilmington area homebuyers will indeed be flocking to the market.

First-time homebuyers have been held back for the majority of this year by strict lending requirements and the large 20 percent down payment hanging over their heads. But with Fannie's program beginning on December 13 and Freddie's on March 23, 2015, the two will begin backing mortgages with 3 percent down. 

The new year will be a chance for thousands of Wilmington, DE area first-time homebuyers to enter into the market, finally able to make a home purchase. Despite their ability to take on a mortgage in the past, buyers were simply unable to come up with the 20 percent down payment. These new programs will put homeownership within their reach and thus, give the strength of the real estate market another welcome boost.

Do you count yourself among the first-time homebuyers in New Castle County? Here are the requirements you can expect from Fannie and Freddie's new 3 percent down mortgages:

  • A credit score of at least 620
     
  • The purchase of private mortgage insurance
     
  • Documentation of assets, income and job status
     
  • Homeownership counseling

Both Fannie and Freddie's programs are for fixed-rate loans doled out to first-time homebuyers and those looking to refinance their current mortgage. 

2015 is already looking bright for the real estate market and the KG Home Team can help along the way! Contact us today with questions you might have about obtaining a mortgage and buying a home in Wilmington or Newark, DE. We're a top-ranked team ready to go to work for you!

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Keeping up with the varying news about the real estate market can be exhausting. That's why we're here! Leave it to the pros and stop trying to decipher which real estate headline actually makes sense for the Wilmington market. Remember that real estate is local— we can provide details on the state of real estate in your community at any time!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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