If you've been sitting on the fence wondering if now is a great time to buy, make sure you read ALL of this! You'll thank us later.
On July 30th, President Bush signed the "Housing and Economic Recovery Act of 2008," an incredibly life-altering bill that ensures great benefits to anyone new to purchasing real estate. What should all potential buyers know about the legislation?
For starters:
1) If a buyer qualifies for a Federal Housing Authority (FHA) loan, they're going to have the ability to purchase a home without any "risk-based pricing," which means that even if your credit isn't in the best shape, you'll qualify for the same deal as anyone else until September 2009. Even though FHA loans now require a 3.5% downpayment, the money a buyer could potentially save with this plan is reason enough to save aggresively for a downpayment.
2) According to the new bill, all new home buyers will be given a $7,500 tax credit, which will be repaid over the course of the next 15 years. In effect, this is an interest-free loan! This will be available for less than a year, expiring on June 30th, 2009.
3) The amount of inventory on the market continues to remain high, which equals more negotiating power for buyers. The Egerer & Weidauer team is committed to getting you the deal you deserve, so ask us what kinds of ways we can save you money!
Don't take it from me, the Washington State Director of the Department of Institutions just put out a statement with many more reasons why now is prime time to buy real estate.
http://dfi.wa.gov/consumers/news/2008/jarvis_home_oped.htm
And if that doesn't convince you then surely the House Key State Bond loan program will.
The House Key State Bond program offers below-market interest rate loans to help low- to moderate income first-time home buyers purchase their first home. Borrowers must meet the program income and acquisition cost limits and must attend a free Commission sponsored homebuyer education seminar. The following loan types can be used for this loan program: Federal Housing Administration (FHA), Conventional (Fannie Mae or Freddie Mac), Rural Housing Services (RHS), and Veteran's Administartion (VA). http://www.wshfc.org/buyers/faq.htm
*A first-time home buyer is defined as someone who has not owned and occupied a primary residence at any time in the past three years.
The House Key State Bond loan program is very easy to get started. It's as easy as...
1. Attend a free Homebuyer Education seminar.
2. Contact a Commission-trained loan officer to see what you will qualify for.
3. Once you know how much you qualify for, it is time to look for a home.
There are many seminars scheduled at my office, the North Seattle Keller Williams office, in the coming weeks. See the schedule below or contact us and we can help schedule your reservation for the next seminar in your area.
With these three points in mind, now is an ideal time to buy. Contact us today to discuss financing options or to see what's in your area and how we can get you into the home of your dreams.
Homebuyer Seminar Schedule:
Keller Williams North Seattle, 12535 15th Avenue NE, Seattle, WA 98125
8/23/2008 Saturday 9am to 2:30pm 8/26/2008 Tuesday 6pm to 9pm 9/6/2008 Saturday 10am to 3:30pm 9/7/2008 Sunday 10am to 3:30pm
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