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Can’t Afford a Down Payment? We Have the Solution for You!

December 23, 2014

There are many great homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market. You may also call me at (484)437-1440 for a FREE home buying or selling consultation to answer any of your real estate questions.

As we wrap up 2014, we thought we should bring you a few things you might find helpful going into the new year.

First, the Mortgage Debt Forgiveness Act has been extended to 2015. Basically, if you’re in a short sale situation or there are some issues getting out of your current mortgage, the government has helped with some of the tax implications to make that process a bit easier.

This extension will also affect investment properties, so you may want to check out his helpful resource for more information. Of course, we are always available if you have specific questions you need answered right away.

Second, earlier this month, Fannie Mae and Freddie Mac released new lending guidelines, which allow people with great credit, but without a lot of cash to put down, to purchase a home with as little as 3% down. This creates a huge opportunity for potential buyers to get into the housing market in 2015.

While both Fannie Mae and Freddie Mac are offering this program, there are differences between the two. Fannie Mae’s My Community Mortgage product is available to first-time home buyers, which means at least one borrower must not have owned a home in the previous three years. On the other hand, Freddie Mac’s product is for first-time home buyers AND anybody who can make a monthly payment! Additionally, that new program can be used to refinance existing homes with limited cash-out guidelines.

You can find more information on Fannie Mae’s and Freddie Mac’s new guidelines by visiting this site!

Last, but certainly not least, the Mike Sroka Team would like to wish you a Happy and Healthy Holiday Season! We truly appreciate all the support you gave us over the last year. It means the world to us!

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