6/7/2024 - Home prices fell in the latest week, for the first time this year, according to a recent report from Redfin. The median U.S. home price fell $3,000 to $416,623, although prices are still up about 4% on an annual basis. Redfin also found that 6.4% of sellers have cut prices in the month leading up to May 26, the highest rate since November 2022 when mortgage rates topped 7% for the first time in 20 years. High interest rates are continuing to reduce affordability for today’s potential homebuyers.
Zero Down Mortgages Make a Reappearance
As Americans struggle to buy homes in a climate of high interest rates and high prices, one major lender is bringing back the zero-percent down payment home loan. United Wholesale Mortgage, one of the nation’s largest lenders, is offering buyers a program that pays for up to 97% of the home’s value with a first mortgage and then creates a second mortgage for them to cover the last 3% (up to $15,000.) The second mortgage does not accrue interest but will need to be paid off in full when the home is sold, or borrower pays off the first mortgage or refinances.
Cliff Mortgages is a proud loan originator of the Zero-percent Down payment program offered through United Wholesale Mortgage, one of the nation's largest lenders.
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