Last Updated on August 23, 2024
While interest rates have recently dropped to the lowest we’ve seen in more than a year, demand for housing in the Carolinas continues to drive up home prices, threatening to drive many first-time home buyers out of the market.
Moreover, the recent ICE’s 2023 Borrower Insight Survey indicates that a striking 73% of renters believe that owning a home is currently beyond their reach, primarily due to financial constraints.
The study also showed that over half of the renters surveyed expressed that they would be more inclined to purchase a home if there were programs addressing high home prices and high interest rates.
Introducing the Buy & Borrow Bundle
In response to these concerns, we offer the innovative Buy & Borrow Bundle, designed to make homeownership more accessible and affordable for first-time buyers. This program is crafted to address the very issues highlighted in the survey, providing significant benefits to your clients:
- Financial Savings: The Buy & Borrow Bundle is specifically designed to help buyers save money. With competitive rates and low lender fees, this program aligns perfectly with buyers concerned about saving money and seeking low fees.
- Comprehensive Loan Programs: At Howard Hanna Mortgage, we offer a variety of loan programs tailored to each buyer’s unique needs. Our team works diligently to simplify the mortgage process, ensuring clients find the right loan product to match their financial situation and goals.
- Addressing High Home Prices and Interest Rates: The Buy & Borrow Bundle also tackles two of the most significant barriers to homeownership.
Tips for first-time home buyers
Be ready to buy when you find the home for you. Beyond knowing what you can afford or what you can qualify for, it’s a good idea to have your financing locked down so that when you go to make an offer, it’s as strong as a cash offer. The idea here is to take the financing uncertainty out of the negotiation!
While it’s true that there is less competition today than there has been in the past 12-18 months, that doesn’t mean you can move slowly, as we’re still seeing multiple offers.
Historically, first-time home buyers will get a gift letter 20% of the time. That has now increased to 30%, which is a 50% increase over historic averages. In addition to our Buy & Borrow Bundle program, there are also down payment assistance programs that help bridge a savings gap for certain buyers. Your Howard Hanna Loan Officer can walk you through those options.
NMLS #101561. Limited time offer. Visit howardhanna.com/bundle-terms for full terms and conditions. Contact Howard Hanna Mortgage Services for mortgage products and eligibility. Approved borrowers will receive a closing cost grant equal to .5% of the loan amount on their Closing Disclosure. For example the client would receive a credit of 0.5% of the $380,000 loan amount for a credit of $1,900 toward closing costs. By electing the Howard Hanna Buy & Borrow Bundle, you consent to Howard Hanna and its affiliate companies contacting you to market services and begin your preapproval process. For full licensing information, visit nmlsconsumeraccess.org.
Allen Tate is the Carolinas’ largest real estate company with more than 70 offices and 1,800 Realtors in the Charlotte, Triad, Triangle, High Country, Upstate SC, Highlands/Cashiers and Asheville/Mountain regions. Allen Tate is a partner of Howard Hanna Real Estate, the largest privately held real estate broker in the U.S., with 500 real estate, mortgage, insurance, title, and escrow service offices and 15,000 sales associates and staff across 13 states. For more information, visit www.allentate.com and www.howardhanna.com.
