Is Now The Moment For First-Time Buyers?
December 11th, 2007
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Thinking of buying a home now, in the midst of the mortgage meltdown?
In a lot of markets this may not be a bad time to buy — surely it’s a lot better than 12 or 18 months ago when sellers were getting multiple offers and purchasers were getting, well, not much. But now in many places prices are lower, concessions are rampant and Freddie Mac says rates for 30-year, fixed-rate mortgages are below 6 percent.
If you’re a “first time” home buyer — an expression which usually means you have not had title to a property for at least three years — you might want to check out the state and local FHA add-on programs that are available in most jurisdictions.
Essentially, these state plans take the FHA program and then wrap-around some nice goodies such as little or nothing down and a subsidized interest rate. Borrowers get all the benefits of FHA financing plus some spicy extras.
The catch? Such programs have limited funding, thus it’s first come, first served.
Where can you get more information?
Speak with FHA lenders for information about specific programs in your state.
Check our a piece for First time home buyers called, ‘How to Get Your First Mortgage’.
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on Tuesday, December 11th, 2007 at 1:28 pm and is filed under FHA.
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