A recent study by Fannie Mae revealed a surprising lack of confidence among consumers about the mortgage process.
There’s good reason to feel a little cautious. Here in Dallas, home prices have risen 43.5% since 2020, and mortgage rates have also climbed. However, homeownership remains a top priority for most, with many considering it a sound long-term investment.
All of this can lead to feeling overwhelmed and unsure of your ability to qualify for a home loan. The good news is there are options available—options you may not even be aware of.
So today, we’ll discuss some different mortgage resources available here in Dallas-Ft. Worth.
Fannie Mae’s study found that many consumers are unaware of important aspects of the mortgage process, which creates additional hurdles.
Here are the top three challenges consumers face due to knowledge gaps:
The study also found that just 32% are “somewhat” or “very” familiar with low down-payment programs, and 40% are aware of mortgage counseling services available.
To make sure that you have all the information you need, keep reading for mortgage resources available here in Dallas-Ft. Worth.
You may know that a 20% down payment isn’t required, but how low can you go? In some cases, as low as 0-3% down. Here are some programs available in Dallas:
Housing counseling or mortgage counseling services are also available to help you prepare your finances and get ready for the costs of home ownership.
Reading about these programs and services online is one thing, but I always recommend speaking with a knowledgeable, trusted professional to gain a deeper understanding of all the resources available to you. Let me know here if you’d like my list of vetted mortgage lenders, and I’ll send them right over.
Remember, the key to a successful home buying experience is knowledge and preparation. By getting the right support system in place, you can turn your dream of homeownership into a reality.
Source: Fannie Mae.