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- Mortgage rates remain low: While mortgage rates were expected to rise this summer, they instead remain low. Now is the time to take advantage of these historically low rates available.
- Less strict lending standards: Although getting a mortgage is not as easy as it was several years ago, requirements are loosening up after being strict in recent years.
- FHA loan discounts: Homebuyers with small down payments have relied on FHA loans but in recent years, the increased upfront fee for a loan and the increase in mortgage insurance premiums has been an obstacle for many borrowers until now. The FHA recently started a new program called H.A.W.K. which allows the upfront fee to go from 1.75% of the loan to 1.25%. The program also drops the annual mortgage insurance premium from 1.35% to 1.25%. These savings are offered to homebuyers as long as they agree to housing counseling.