GRAND RAPIDS, Mich — The housing market has seen unprecedented conditions since the COVID-19 pandemic. High prices and high demand are creating a competitive market for home buyers. Fannie Mae wants to make sure people are taking the right steps and are doing their part to dispel home buying rumors with a new online program.
For many, owning a home is the ultimate dream.
"Homeownership can be the primary path for short term and long-term financial success," Fannie Mae VP of racial equity strategy and impact Katrina Jones said.
Jones breaks down the steps you need to take if you're planning on buying this year or even in a few years.
"How about give yourself a little bit of certainty and know what you can afford. That means working with a lender, establishing what it means to have a down payment, how much savings do you need to cover not only your down payment, but other costs," she said.
Doing the prep work will put you in a better position when you are ready to finally buy your dream home.
Fannie Mae has a free, interactive online resource designed to increase consumer knowledge and dispel homebuying myths, especially in this unprecedented market.
"It's a new tool that Fannie Mae developed to help first time homebuyers and even repeat buyers just understand the process and put them in the driver's seat, to driving their own home buying journey," Jones said.
Other tips before purchasing a home include maintaining a great credit score, consulting with family and friends about what you can and can't afford and engaging with a lender early so as soon as you're ready to buy - you can.