Should I Buy A Home Now in Aurora Colorado
Lately I've been asked a lot "should I buy now"? I've heard a lot of rumors that there aren't loans available even if you want to take advantage of the best buying opportunity in 60 years! Let's separate some truth from fiction. Here's some answers to some of the "should I buy now" questions:
Question #1 - Should I buy now when I have to have 20% down to buy a house. Truth: About 90% of loans now are FHA which require 3.5% of the purchase price for a down payment. There's even a loan I've recently heard of called a "Community Loan" that only requires $500 down! There's also VA loans which can require ZERO down.
Question #2 - Should I buy now when I have to have a bunch of money for closing costs? Truth: In today's market many Sellers are willing to pay all or part of the Buyer's closing costs.
Question #3 - Should I buy now when I don't have incredible, impecable credit? Truth: Credit requirements have tightened up significantly...which is actually a very good thing AND you can still qualify for some loans with a fico score of just 640. If you don't know your score, call or email me.
Question #4 - Should I buy now or wait for prices to come down even further? Truth: You will be gambling that interest rates will stay at historic lows. Is it really worth it to wait until your dream home comes down another $5000 but see your interest rate go up. You could be paying additional interest that will be WAY above the additonal $5000 reduction in purchase price...assuming that the price on your dream home actually does continue to drop in price.
Don't be fooled. Now might be the perfect time for you to buy. If you are asking "should I buy now?", the answer may quite possibly be YES!!
We've been selling real estate in the Denver Metro area for a combine 45 years. Our Team would be happy to answer any questions you might have regarding buying or selling a home. Please feel free to poke around on our website or give me a call direct and I can tell you more about why so many trust us with what will probably be the largest purchase of their lives. In addition, we have a book full of glowing testimonials that we would be more than happy to share with you.
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Click here to read my blog on Tallyn's Reach Subdivision in Aurora CO