The Federal Housing Authority (FHA) and the Government Sponsored Enterprises (GSEs) have implemented policies to make credit more widely available for first-time buyers. In January 2015, the Federal Housing Authority reduced the annual mortgage insurance premium by 0.5 percentage points ( from 1.35 percent to 0.85 percent). In 2015, Fannie Mae and Freddie Mac also accepted mortgages with three percent downpayment.
However, the impact of these measures in attracting first-time homebuyers appears to be modest for a variety of reasons. Lack of information about low downpayment products may be one reason. In fact, NAR’s 2016 Q3 Housing Opportunities and Market Experience (HOME) Survey found that only 13 percent of those aged 34 or under believe they need a downpayment of five percent or less. Additionally, although low downpayment loans are available, some buyers may want to save for a bigger downpayment to meet underwriting standards (e.g., debt-to-income ratios, loan-to-value ratios), save on mortgage insurance, or get a lower interest rate.
|1449 La Jolla Dr., Thousand Oaks
4+2 Single Story in the prestigious "Conejo Oaks" neighborhood
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|2186 Aspenpark, Thousand Oaks, CA
3+2 in the "Lang Ranch Elementary School" district
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|711 Bluebonnet Ct. in Thousand Oaks
4+2 Remodeled Single Story Pool Home
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|3490 Pine View Dr., Simi Valley
4+3 Remodeled Single Story Home with 15,000+sf lot and gated & paved RV parking!
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|30666 Passageway Pl., Agoura Hills
"Lake Lindero" One of a Kind View Home! 4+3 Two Story home with INCREDIBLE Lake Views!
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