Up to $8000 tax credit for First Time Buyers, $6500 for current Home Owners.
- Must have valid purchase agreement by 04/30/2010. That may seem like forever, but it’s only 23 weeks with 5 holidays mixed in there. Click here for more info.
Up to 6% seller contribution and 3.5% down on FHA financing.
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FHA financing has been under lots of scrutiny recently due to high delinquency. Some solutions rumored have been increasing the down payment amount, eliminating seller concessions and gift funds, tougher credit requirements and an increase in mortgage insurance premiums. Click here for more info.
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Rates have been artificially suppressed do to US Treasury participation in Mortgage Backed Securities. This may be coming to an end. Click here for more info.
Lenders can still provide lender credit to be used toward closing costs for customers short on cash.
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I may be able to provide 2-3% of the loan amount as a lender credit toward closing costs and prepaids – this will be reflected in the interest rate.
The math works when comparing renting to owning.
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Rent payments are higher today then a year ago due to the demand for rentals. Rates are low, sale prices are low. $1000 mortgage principal and interest payment will afford you over $180,000 with today’s rates.
Lenders are offering initially FREE “Borrowers Protection Plans” covering your payment in the event of Involuntary Unemployment, Disability, Hospitalization and more.
Inventory of housing available for sale.
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The tax incentives recently extended just may work (up to $8000 for First Time Buyers, up to $6500 for current home owners). Will the new found buyers drive up the prices of available inventory.