In 2014, the big stories were the impact of the new Dodd-Frank regulations, the new Fannie Mae and Freddie Mac programs, and the questions surrounding interest rates. The Dodd-Frank regulations were accounted for, changes were made, and the industry moved on. Interest rate hikes were a concern all year, and most analysts were just waiting for the rates to raise all year, thought they never really jumped up. The new programs from Fannie and Freddie were a welcome surprise, and will really begin to impact clients in 2015.

This year, aside from the impacts of the new programs, we should see rates move up, and a new round of Dodd-Frank regulations in August. So my primary tip would be to buy or refinance early, if possible. We will see processing slow down around August, so you’ll want to avoid that time of the year, and as the year goes on rates will go up.

If you are planning to buy a house with a low down payment, it is important to find a qualified mortgage officer who can offer both FHA options and the new Fannie and Freddie programs. This will give you the option to go conventional, as well as FHA, with a down payment under 5%. Choice is always good, and it is important to see what is available to you.

No matter what your situation, it is important to be ahead of things this year. If you leave only taking one tip from me, it would be to contact your loan officer and Realtor earlier in the process than you normally might have. Knowing your options will help you tenfold later down the line.

If you have any questions about buying a house or what your options are this year, please contact me. If you have anything to add about buying a house in 2015, please leave a comment.