Saturday,
July 22, 2023
Top Story
The week in review
• Goldman Sachs (GS) revised down the odds a US recession could occur in the next 12 months. It cut the probability down to 20% from 25% on the back of positive economic activity. The investment bank’s chief economist said the main reason for the cut was recent data suggesting a recession would not be necessary to bring inflation down to an acceptable level.
• The University of Michigan consumer sentiment index increased for a second month to 72.6 in July, the highest level since September 2021, and above forecasts of 65.5. Both current economic conditions and consumer expectations improved, largely attributed to an easing of inflation and stability in labor markets.
• The average fixed-rate mortgage decreased last week from 7.07% to 6.87%, leading to a 7% increase in applications to refinance home loans. Applications for mortgages to purchase a home fell 1% for the week and were 21% lower year-over-year.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
3 ways being a first-time homebuyer can (literally) pay off
If you’ve never owned a home, or if you haven’t owned a home as your principal residence for the last three years, you’re considered a first-time homebuyer. That’s good news because there are a variety of programs that can help make home ownership more affordable for first-timers like you.
Federal programs: These include FHA loans, which typically come with lower down payments and closing costs and easier qualification requirements. There are also VA home loans and USDA loans, both of which require no down payment. (P.S. SoFi now offers VA home loans to the heroes who have served our country. Let’s turn your dreams of homeownership into reality!)
State and local programs: You may find down payment assistance grants and loans available locally. There might also be some nonprofit programs for first-time buyers. Check with your state housing finance agency to see what’s out there. You can also use our handy First-Time Homebuyer Guide to find programs in your state.
Employer-sponsored programs: Some companies help their employees buy homes. They may invest in affordable housing for workers or offer down payment assistance. Check with your HR department.
And, of course, getting the right loan as a first-time buyer is key. SoFi offers fixed-rate home loans with competitive rates and just 3% down to borrowers who qualify.
