We all know rates have seen better days, but that doesn’t mean buyers are out of options.
Recent Treasury activity has provided some positive movement in rates. If you have a loan in production that hasn’t been locked yet and you’re closing soon, now may be a good time to connect with your lender and discuss your options.
There are also several programs that can help make today’s rates more manageable:
- Mortgage Credit Certificates (MCCs): Eligible buyers may be able to reduce the impact of higher rates through valuable tax benefits.
- Down Payment Assistance: Some programs offer grants that can be used toward down payment, closing costs, or temporary rate buydowns.
- Below-Market Rate Programs: Certain assistance programs offer reduced rates instead of traditional down payment assistance.
- Veteran Programs: Veterans may have access to state programs offering reduced rates and additional benefits—even if they aren't first-time homebuyers.
The key is knowing what programs are available and which ones best fit your situation. Not every program is created equal, so it’s important to understand the terms, income limits, and potential repayment requirements.
Yes, rates are higher. But higher rates have also slowed buyer activity, giving motivated buyers more negotiating power with sellers.
If you need a home, don’t let the rate alone keep you on the sidelines. There may be options to improve your terms today—and you can always explore refinancing if rates improve in the future.
The right strategy can make all the difference.
Jay Atterstrom
📧 [email protected]
📞 (214) 377-0033