I am experiencing a local increase in the "First Time Home Buyer " market. First Time Home Buyers who couldn't afford a home two years ago are now able to shop REO's, Short sales, and Foreclosures. A recent client explains to me that " the home across the street from the house she grew up is now for sale as a short sale. I know the family to the left, my cousin owns the home two houses down and my parents still live across the street."
At $170000 asking price I delivered the offer and it was accepted as an "as is sale." The house is in good condition and was on the market last year for $249000. With 100% financing the monthly P&I payment is $1328 a month including MI. This is a relatively small increase from their current $950 a month rent payment.
This is a wonderful time for first time home buyers who did not have the opportunity to purchase in the past due to inflated home prices. The better part of this story is that this is a full documentation loan and they can afford the payment.
I am seeing these types of scenarios daily and it is exciting helping them find a home they can really afford.
Gary Juels
Professional Real Estate and Mortgage Broker
Serving Sacramento "First Time Home Buyers" for 10 years
916-746-2463
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