Can you believe that many homes are selling for 25 to 30 percent less than they were just a few short years ago?
Do you realize that interest rates are historically low?
Put these two together and you have an awesome sale!! We are talking savings of thousands of dollars!!
If this was a Kohl's ad, you people would be all over it! Get out there and do your research, get pre approved for a mortgage, go over your numbers to be REALISTIC with what YOU can afford and be ready, just incase that perfect home comes on the market that you would NEVER want to miss out on.
It probably seems to you that many real estate agents and mortgage lenders are being a little pushy to buy NOW but it is because we know how great a situation this is!! It is also a really great investment if you do it the right way.
Please ask if you have any questions on whether now is the time for you.
Thanks Bruce! Good info for all of us. I love working with Veterans! I think the whole process can be overwhelming for any buyer. Many buyers just have NO idea how everything works the you have the VA telling people they are able to get a NO money down loan GUARANTEED and so many other things I have heard that are a little off. Thanks again for putting this info out there.
I’ve been covering some of the basics of VA home loans in my recent posts, including what the VA does and does NOT do for the buyer. There are a few other basics first time home buyers and RE agents new to the VA loan process should know.
One common question the new VA loan applicant wants to know is how much they can borrow with a VA guaranteed loan. There are many reasons for asking—some buyers want to know what the ceiling is, regardless of what they can afford. They want to know, just in case they are able to borrow up to the maximum some day. There’s nothing wrong with dreaming big.
Other buyers are more practical. They want to know if there’s a ceiling on what they can get approved by the VA because they want to compare that limit to what they have budgeted for. Practicality is good.
But the Department of Veterans Affairs doesn’t have a specific dollar amount set for a maximum VA home loan. For starters, the VA doesn’t issue the loan, it only guarantees a certain amount in case the borrower defaults.
The maximum guarantee is based on the market value of the property listed on the Notice of Value, plus the lender’s own requirements.
But even when the maximum loan amount is known based on these factors, does that mean the borrower is qualified to get that full amount? As with conventional loans, not in every case. The lender must be willing to extend the credit—the VA can’t force a lender to issue credit in any case, it can only work with the lender to make the loan more attractive.
I harp on this a lot, but it’s another reason why first time home buyers are encouraged to start planning for a VA mortgage early—they might not realize they are able to be pre-approved to borrow X amount of dollars. Does “Amount X” give them enough room to negotiate when buying a house in a particular market? Does the buyer need to raise or lower their expectations?
Good questions for a newcomer to ask in the earliest stages of VA home loan planning.
Numbers for July are in!! The number of homes sold in York County through July were up 10% over last year to 2,343.
However, the median sale price was down 6% to $150,000. Are you waiting to see how low the prices will go. I wouldn't do that. As the rates go up, you lose any savings that you may have had with a lower mortgage. And NOW you are spending it on interest!!
Rates are still low and FHA is making another change that will add more to your monthly payment in Sept., so GET OUT THERE AND BUY!!
Did you know that if rates go up to just 6% from 4.5% that equals about $0.93 per $1,000 of principal and interest on a 30 year mortgage? 6% might sound high right now but when I bough a home in 1995 the rates were at 9.5%. Just ask those who bought before that when they were in the teens!
YES, that is $93 a month on only a $100,000 mortgage. That is an extra $33,480 of just interest over those 30 years!!
That is why people need to see the importance of these low rates and do whatever they can to buy! If you need help with getting started, JUST ASK!! That is why I am here!
that there are not more buyers atleast trying to buy. Do they really need an incentive by the Govt. to jump in and take control of the best financial decision they could make in a while? Or is the economy and the lack of jobs that serious of a situaton that the number of buyers really is as low as it appears?
I know homes are selling but I also know I see a lot of decent deals out there and I can't believe people are not taking advantage of them...
Are they waiting to see how low they will go? I hope not. That could backfire because the rates could also go back up anytime. That makes a BIG difference in your overall buying power.
I know there are a lot of great buyers out there that are ALSO sellers! That is where their problem lies. They can't buy if they can't sell. WOW!
To anyone on the house buying fence, I would really advise getting in touch with a mortgage lender or bank and seeing if you qualify for a mortgage and how much, etc... These rates will not stay this low forever. They just can't. This may be the best time to buy and you don't want to be kicking yourself later, saying, "I should have... but I didn't".
Numbers for June are in!! York County home sales were 2,049, up 18% compared to Jan-June '09 and the median sales price was down 6% for the same time frame to $150,000.
I am sure the tax credit had a lot to do with that. I predict these numbers will fall on the number of homes sold AND the median price will continue... to drop.
Rates are still low so get out there and buy!! They can't stay low forever!
West York, York County - 5 bedroom, 1 bath Townhouse/End unit w/extra lot, West York Schools, Large EIK and Big LR, New windows throughout, Lots of fresh paint and updates, Fenced yard, Extra off street parking plus oversized 1 car garage. H2O heater less than 3 years old, New gas oven/stove, mud room off kitchen leads to New Deck. Call to see it today!
Don't forget how this country came to be and thank the veterans when you come across one. Enjoy the weekend and at least take the time to think about this video and all it represents!! Thanks!
Windsor Township, York County - Well built brick cape cod with 2 bedrooms, 1 bath, large walk-up attic to expand if needed, or for tons of storage. Close to 1/2 acre lot. Replacement windows, newer roof, fireplace in living room and basement. Call to see it today!
Hayshire Area, York County - 3 bedroom, 2 bath brick cape cod with covered 16 x 30 deck, single attached garage plus double detached garage with electric and wood stove. Great landscaping including fish ponds. New roof to be installed. Big rec. room and office in lower level, gas heat, and central air. Call to see it today!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
MLS® $95,900
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