New Changes=Opportunity
Your expectations for the New Year are undoubtedly colored by what you have been hearing, reading and viewing on the media. As economic factors beyond the bursting of the Housing Bubble continue to deteriorate economy, the news you hear is very discouraging.
But you are hearing only HALF THE STORY! The good new and opportunities now available for you are not being told. Let me tell you the FACTS!
1.The banks have plenty of money to loan and are eager to do so. Yes credit is tighter but if you have steady employment and a reasonably good track record credit –wise, you should be able to qualify for a loan.
2. As of January 1st FHA loans are readily available for people with credit scores as low as 570, with proven special circumstances, sometimes as low as 525. Down payment is 3 ½ percent of the purchase price and this can be gifted… your mortgage representative will be able to give you more details or call my team member, Diane Versfeld, Sunstreet Mortgage 520-547-4145
3. Another source for down payment money is the Pima County Bond Program recently renewed until April 15th. It provides a low interest loan to cover the required down payment and closing costs, but this is a limited resource and could be used up if you delay, so consider applying now.
4. Interest rates fell even lower during December and are expected to remain low for the next few months.
5. The Federal Bailout programs are encouraging banks to loosen credit for borrowers while eliminating the subprime and interest only loans that contributed to the current economic mess.
6. Housing prices have dropped to a pre-bubble low! In Pima County, most prices are back to what they were in 2003. Real Estate is a sound and practical investment again.
7. Have VA credits available for a housing loan? This is a perfect time to use them!
You can buy more house for the money than anytime in the past 5 years.
8. The Government is offering up to a $7500 tax credit for houses purchased during the next few months. There are regulations attached to this credit so seek the advice from a tax accountant for specific detail.
Now is the time to buy and you will be doing your part to help the economy while making a wise decision for you and your family. Call me at 520-400-5978 and I will send you a list of local Freddie Mac foreclosed homes.
Buying Your First Home?
