HUD Kicks Off National Homeownership Month 2018

FOR RELEASE
Thursday
May 31, 2018

WASHINGTON – June begins National Homeownership Month, a time of year when the U.S. Department of Housing and Urban Development (HUD) and others mark the importance of owning a home and the impact it has on the lives of American families, local neighborhoods and to the nation’s economic health. This year’s theme is National Homeownership Month 2018: Find Your Place.

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Interested in Purchasing a Home?

Given the large upfront costs associated with purchasing a home, most young people begin renting an apartment which is the first step in independency. As they build careers, save money, and start families, many choose to buy a home and take that next step to building wealth. Homeownership establishes a stable environment for families; especially children and creates community involvement that reduces crime, blithe, and depreciation.  Debt Management Credit Counseling (“DMCC”) offers homebuyer education workshops and one on one counseling for future home buyers.

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7 first-time homebuyer mistakes to avoid

It’s tough being a first-time buyer in today’s housing market.

Home prices are hitting record highs in many parts of the country, often selling for more than the asking price, and going from list to contract in a record 37 days, according to Redfin.

“We’ve never seen a faster or more competitive market,” says Redfin spokeswoman Rachel Musiker. “Basically this market isn’t for the faint of heart.”

Don’t make it even harder (or more expensive) for yourself by making these common mistakes:

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What the New Federal Reserve Interest Rates Mean for the Housing Market

Last December, the Federal Reserve raised interest rates for the first time in nearly a decade. While the Fed’s actions impact short-term rates, if you are in the market for a home, you may be wondering about the impact on mortgage rates, inventory and affordability.

You may be surprised (and pleased) to learn that the answer is: not much. The impact on home prices is expected to be very minimal, and interest rates are still much lower than average rates in past decades — which could make 2016 a good year for buying. In fact, a nominal rate increase translates to a very manageable cost. For example, an increase of 25 basis points on a 30-year fixed-rate mortgage loan of $250,000 raises the monthly mortgage payment by only $35.

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