Housing affordability is up nationwide due to low-interest rates and home prices as National Homeownership Month begins in June, according to a recent release from the National Association of Home Builders (NAHB).
In addition to lower prices and interest rates, low-down payment programs offered by Fannie Mae and Freddie Mac is also helping creditworthy borrowers who cannot afford a large down payment for a mortgage. These programs offer down payments as low as 3 percent for eligible first-time homebuyers.
Homeownership is the key of building wealth, since it is often a primary source of net worth and a step toward accumulating long-term personal financial assets. It is not only limited to financial freedom but also building stronger communities and personal achievement.