If you're looking to take advantage of lower home prices and historically low interest rates, credit is still widely available for borrowers who qualify. Qualifying for mortgages today simply means being prepared to provide documentation that supports your application. If you do have credit issues, you might want to consider government loans offered by the FHA, USDA, and VA.
If you're a first-time home buyer (someone who hasn't owned a home in the last 3 years), you may qualify for the new $7,500 tax credit. This incentive could be a valuable tool in helping you reach your homeownership dreams in today's buyer's market. There is one catch - This incentive is temporary, and expires in 2009, so don't wait.
It's important to note that Congress recently passed other legislation banning certain down-payment assistance programs, There are some VA and USDA loans that are insured by the government and allow for 100% financing to qualified borrowers. There's currently a bill in the House to overturn the ban but Congress ihas been too busy and may not get to it before the end of the year. This bill may never pass, so don't count on the government's help when you're planning your future.
If you are trying to sell, it's important to understand there are a lot of potential buyers looking to buy a home who may need creative financing options to get the deal closed. We can help and you won't have to lower your home prices. Call us we can help!
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