• HOMES ARE MORE AFFORDABLE – Current housing prices are down 27% on average across the nation from peak values five years ago, and national housing affordability index continues to hover at record levels.
  • RATES ARE LOW – At 4.6%, 30-year fixed mortgage interest rates remain near historical lows.
  • TIMING IS EVERYTHING – Conforming loan limits will be reduced on Oct. 1, 2011, which will decrease the availability and affordability of mortgage credit for many home buyers in 42 states.
  • HOMEOWNERSHIP IS STILL THE AMERICAN DREAM – Nearly 9 in 10 Americans say homeownership is an important part of the American Dream.
  • FINANCING IS AVAILABLE – Today’s borrower needs to have stable employment of at least two years; sufficient income to cover monthly mortgage payment and living expenses; adequate savings to make at least a 3.5% down payment; and, in general, a credit score of at least 620. Buyers that meet these basic requirements and plan to live in the home are well on their way.