Don't worry if you currently do not have a 600 minimum credit score! If your scores are lower, there is still hope for you. We can work on getting your credit repaired in enough to time to meet the deadline!
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
If you do not have 3.5 % downpayment that FHA now requires, we can see if there is a possibility of you qualifying for THDA downpayment assistance. Also, if you have been in the military and honorably discharged or even still currently in the military now is the time to make use of your VA entitlement. Even if you are a widow or widower of military, you may qulaify for VA entitlement. This is the only 100% financing still available in today's market.
I must admit with the market picking up there seem suddenly be multiple contracts on properties that have sat idle for months or even a year now! If you find a home you are really interested in, the previous low-balling may not necessarily be the way to go. Many of my borrowers have made lower offers only to have to bid higher to get the property over any additional offers.
With this being said, it is important to consult with your real estate professional regarding any offers, but if it is a property you have your heart set on, might be best to let your offer reflect that!!
There are so many reasons to consider buying your first home NOW:
Tax credit
Record low interest rates
Buyer's Market
So call now, and see what you need to do in order to make the American Dream a reality!
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