Hi Boulder!

Happy Wednesday! With chilly weather on the horizon, I hope you’re staying cozy and prepared. As temperatures dip, it’s a great time to focus on the exciting opportunities in today’s housing market. Let’s dive into the big news:

Mortgage Rates Under 7%

Big news for anyone considering buying a home: mortgage rates have dipped below 7%, marking a significant improvement in affordability. Even better, FHA loans have dropped below 6% with no points required! Lower rates mean lower monthly payments, allowing you to stretch your budget further and make that dream home a reality.

For first-time homebuyers or those re-entering the market, this is a golden opportunity. The combination of reduced rates and seasonal inventory shifts means there’s more room to negotiate and find the perfect match for your needs.

Big News: Medical Debt Removed from Credit Reports

In a groundbreaking move, the Consumer Financial Protection Bureau (CFPB) has officially finalized a rule to remove medical debt from credit reports. This change could mean an average credit score increase of 20 points, making homeownership more accessible to thousands of Americans.

Why does this matter? For many, medical debt has been a significant hurdle, impacting creditworthiness and mortgage approval. With this update, more potential buyers can now qualify for loans, unlocking doors to homeownership that were previously out of reach. If you’ve been hesitant to explore your options due to past credit challenges, now might be the perfect time to reassess your situation.

Current Rates and Buydown Options

Here’s a quick summary of today’s rates:

Conforming (20% Down, $800K Purchase, $640K Loan):

30-Year Fixed: 6.5% (0.75 points) – 6.875% (0 points)
15-Year Fixed: 5.875% (0 points)
Buydown costs (2-1): ~$12K to $14.8K

Jumbo (25% Down, $1.4M Purchase, $1.05M Loan):

30-Year Fixed: 6.625% (0 points)

VA/FHA (Max Financing, $750K Purchase):

FHA 30-Year Fixed: 5.875% (0 points), 2-1 Buydown: $16.2K
VA 30-Year Fixed: 6.0% (0 points), 2-1 Buydown: $17K

Why Now is the Time to Act

The combination of improved affordability through lower mortgage rates and higher credit scores creates a sweet spot for buyers. If you’ve been waiting for the “right time” to dive into the housing market, this could be it. Whether you're upsizing, downsizing, or buying your first property, conditions are aligning to make it easier to achieve your goals.

Let’s Connect

I’m here to help you navigate these exciting opportunities. Whether you’re exploring your next investment property or preparing a home remodel to sell, let’s work together to achieve your real estate goals.

Warmly,
AJ Chamberlin
📞 +1 (303) 588-8999
📧 AJ@AttitudeHomes.com
🌐 www.attitudehomes.com

Credits:

Alison Kadans
Mortgage Advisor
NMLS #424853
D: 303.817.3356
E: Alison@AlisonLends.com
W: alisonlends.com

Corporate Address:
1805 E. Garry Avenue
Santa Ana, CA 92705
Arbor NMLS #236669 | Arbor DRE #01845041