COVID-19 has caused many challenges in our everyday lives, but it doesn’t necessarily mean that you have to put your dream of homeownership totally on hold. This is a fantastic opportunity to utilize the online resources available to get prepared for the home buying process and connect to the right experts. Read on to learn how to safely apply for first time home buyer loans, be active in the market for homes, and work with lenders through the pandemic. Of course, all of this should be done socially distanced and with the proper precautions, especially when viewing homes! Pioneer Mortgage Funding, Inc. Lake Mary is a mortgage broker firm in Lake Mary, FL. Call Pioneer Mortgage Funding, Inc. to find out more about first time home buyer programs today!
First Time Home Buyer Programs & More During COVID-19
Here are some of the most common questions from first-time homebuyers to help guide you through this pandemic:
- How low will mortgage rates go?- The Fed cut interest rates to 0%, but that doesn’t necessarily mean mortgage rates are at zero. Even though mortgage rates are still very low, lenders are also managing the refinancing demand so that rates have been fluctuating. Many economists predict that mortgage rates may hit new record lows and remain low until this crisis is over. It’s a good idea to shop and compare your mortgage offers, as your mortgage rate can make a big impact over the life of your loan, but it’s not the only factor.
- Are down payment assistance programs still available?- Programs are still available throughout this crisis, and there are many program providers moving homeownership education to online-only, taking applications from their remote offices, and temporarily suspending the availability of some programs and rate locks. It’s crucial to research all of the options for your situation and account for some extra time to apply for a range of programs in your market.
Practicing Social Distancing While Viewing Homes
In these uncertain times, it’s important to do whatever we can to stay safe and keep others safe. As different cities and industries begin to reopen, so are open houses and home viewings with realtors. If you decide to go and view a home with a broker during the COVID-19 pandemic, it’s essential to maintain proper social distancing guidelines and wear PPE whenever possible. This means maintaining a distance of six feet between yourself and anybody not in your household (such as the broker) and wearing a mask at all times, especially in contained spaces. During a showing, buyers may be asked to wear gloves and booties over shoes, and the realtor will be the only one to touch doorknobs, light switches, etc. during the tour. Properties will be thoroughly disinfected before and after each showing. Some realtors are providing live Facetime tours with prospective buyers, and there are more listings that have video and virtual tours to give buyers a better feel for a space.
Contact Us Today
The COVID-19 pandemic has had an impact on home buying, but there are many ways to continue prospecting for homes. To learn more about first time home buyer programs, call Pioneer Mortgage Funding, Inc. in Lake Mary, FL today!
