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2015 Forecast for First Time Home Buyers

With amazing low interest rates still available, many real estate insiders believe the market for first time home buying will gain some momentum in the next few years. The last several years have been rough on the housing market and on home buyers, but most experts agree that things should be looking up for 2015. In particular, first time home buyers should start to experience some big changes that will make it easier to secure a loan and get into the home of their dreams.

There are plenty of different reasons for that, and taking a look at some of them will help you see why if you're in the market for your first home, you couldn't be shopping at a better time.

  • For starters, the market is still very much swayed towards buyers. Home prices have remained at very low levels, and will likely still be low throughout the upcoming year. That's good news for anyone in the market for a home, but especially for first time home buyers.
  • Additionally, interest rates are still at amazingly low levels. Most experts agree that the last few years have been the best for those borrowing money, and it's likely to hold out for a bit longer.
  • There are also still plenty of home loan programs from the FHA that can be taken advantage of. These loan programs come with low credit score requirements and low down payment requirements as well. Things like 3% down and credit scores of around 600 are all you'll need to secure these loans, which means that first time home buyers have a great path to their home.

Thanks to the success of FHA loans, major lenders like Fannie Mae and Freddie Mac have begun to add programs with similar requirements to their offerings. As a result, home buyers have more options than ever before when they're trying to secure a loan.

Over the last few years, lenders have been hesitant to extend loans to anyone with less than perfect credit and a solid financial situation. But now, things are loosening up a bit and it's much easier to find the loan you need. To do so, spend some time reviewing your options and comparing the terms in order to ensure you find the right loan for you. Doing so will help you get the best results for your future.

There's never been a better time to buy a home, and that's much more than just a cliché. Most experts agree that it's the truth, and that 2015 is going to be a great year for those in the market for their first home.

 

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