It’s a Great Time to Buy… and this is why…
Rates on an FHA 30 year fixed are at an all time low. We know this is an odd time of year to purchase but there are some great deals and very motivated Sellers ready for Buyers like you.
Couple of things to remember on FHA loans:
- 1.) Minimum credit score is ONLY at 600!!!!
- 2.) Now you need 3.5% down as of Jan. 1, 2009
- 3.) Seller can pay up to 6% of the purchase price towards closing costs.
- 4.) The 3.5% down payment can be a gift, an unsecured loan that a family member took out or 401K funds (no penalty for a home).
- 5.) If you are first time buyer look into the $7,500 tax credit if you buy before July 1, 2009…BUT here is the thing…if you buy in 2009 BEFORE you file taxes…you can claim the $7,500 credit on their 2008 taxes. This means you could pay back mom, brother, sister…..for that 3.5% down payment you borrowed to get into the house immediately!!!
With great rates, awesome supply and a possible $7,500 credit it has never been a better time to buy. Check out our first time buyer blog post for more information on this program.