If you've never owned any Real Estate before, you might think that buying a home is completely out of your reach, especially with all the talk in the news about the so-called Real Estate/Lending crisis. The fact is however, if you've had a job for at least a year, and have kept your credit at least reasonably clean, you are probably still eligible to buy your own house!
I know what your thinking... You're thinking that's all fine and dandy but you'll never be able to save up enough money for a down payment. Well, to that I've got good news. Believe it or not, if you're a first time homebuyer, there are ways to get you into a house legally, ethically and without much fuss and frustration, with little or no money down!
What's the catch? There is no catch. 100% financing is still available from most lenders on a conventional 30 year fixed loan with good credit. That means you don't need to put anything down. Bear in mind however, that even though you might get a loan at 100%, there will still be closing costs for tax pro-rations, escrow fees, etc., but even they can be reduced, and sometimes eliminated, with the assistance of some of the tools available to a good local Realtor and additional help he/she can invite to the party.
Did you hear what I said? There are ways a good Realtor can get you connected to a lender that offers 100% financing while at the same time connecting you with programs that can help with, or completely eliminate your closing costs as well. As I said before, if you've got a job, and reasonably good credit, chances are that your Realtor can connect you with the tools necessary to allow you to own your own home. So what are you waiting for?
The Oregon Bond is a good example of help that's available to especially first time Homebuyers. Here are some of the features:
Oregon Bond - Main Benefits
Ø Provides a great 30 year Fixed Rate
Ø 3% Cash Assistanceprovided by the CashAdvantage Home Loan
Ø NOT just for low-income households - Income limits up to $58,600 statewide (higher in some areas.)
Ø Purchase price limits are now over $200,000
Ø No fee 90 day Rate-Locks for existing homes and 120 day Rate-locks for newly constructed homes!
New homebuyers might also be able to get help with down payments and closing costs through the Purchase Assistance Loan PAL! Low income or first time homebuyers can get up to a $10,000 loan at 0% interest with no payments due until payoff or transfer of title. This option must be paired with the Oregon Bond's RateAdvantage Home Loan option.
With money seeming to be tightening, especially in the so-called sub-prime market, first time home buyers should take a serious look at the many resources currently being provided by Oregon's State Housing Finance Agency (HFA) and the Oregon Bond.
An excellent source for more information regarding the Oregon Bond can be found at http://www.ohcs.oregon.gov/ and lenders familiar with the program.
The United State Department of Agriculture USDA Rural Development Division is another resource. Here's a quote directly from their website: http://www.usda.gov/..
"USDA provides homeownership opportunities to rural Americans, as well as programs for home renovation and repair. USDA also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to make rent payments."
And these resources are just a scratch on the surface of some of the opportunities available.
What's the urgency? Why should you buy now? The reason is because this is one of the best times to do so. Prices are down, inventory (available selection) is way up, and interest rates are down.
This is an excellent time to buy! There are a lot of excellent values competing with each other out there and the opportunity to grab a great investment has never been better. Buyer's getting in now (first timers or not) couldn't be more ideally positioned.
If you're at all thinking about buying, doing it now might be the best time ever. If you're not sure, call up you local Realtor and talk it over. You might be happily surprised that the dream of home ownership is in your hands right now!
Fred Jaeger is a licensed Oregon Real Estate Broker and an e-PRO Certified Realtor® associated with Gilchrist Real Estate Company in La Pine. He can be reached directly at 541 598-5449 or firstname.lastname@example.org .