DID YOU EVER THINK WE WOULD BE BACK TO THE DAYS WHERE INTEREST RATES WOULD BE LOW AND YOU COULD GET MORE HOUSE FOR YOUR MONEY?
FOR THOSE WHO ARE PAYMENT BUYERS THIS MEANS AT A 6% INTEREST RATE FOR A $300K HOUSE YOUR PRINCIPAL AND INTEREST WOULD BE $1800
TAKE A LOOK AT THIS EXAMPLE OF AN AFFORDABILITY INDEX WHERE:
** 1% INCREASE IN INTEREST RATE EQUALS 10% DECREASE IN PURCHASING POWER!!
Loan Amount: $300K $270K $240K
Interest Rate: @ 6% @ 7% @ 8%
Monthly P&I Payment: $1,800 $1,796 $1,761
IT IS A GOOD TIME TO PURCHASE A HOME AND IF YOU ARE A NEW HOME BUYER YOU CAN STILL QUALIFY FOR THE $8,000 TAX CREDIT AND A $6,500 EXISTING HOME TAX CREDIT IF YOU HAVE BEEN IN THE SAME FOR FOR 5 YEARS. A CONTRACT MUST BE IN A PLACE BY APRIL 30, AND CLOSE BY JUNE 30, 2010.
THE MINIMUM DOWN PAYMENT REQUIRED FOR A CONVENTIONAL MORTGAGE LOAN IS 5% AND FOR FHA IT IS 3.5% BUT MOST LENDERS ARE LOOKING FOR AT LEAST 10 % OR MORE. OF COURSE IF YOU CAN SWING 20% OR MORE THIS WILL HELP TO INSURE THAT YOU DON'T HAVE TO PAY MORTGAGE INSURANCE.
GIVE ME A CALL A LET ME SEE HOW I CAN HELP YOU!
Billie Atkinson, GRI, BA
Cell: 212-3373
Office: (402) 333-5008
Fax: (402) 333-1914
16909 Lakeside Hills Plaza, Ste. 119
Omaha, NE 68130
WEB SITE: www.topomaharealestate.com
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