During this time of economic uncertainty, a lot of potential homebuyers are beginning to waver. They want to buy a home and, in some cases, they've found the perfect home; but, they just can't sign on the dotted line. Well, I have news for the wavering homebuyer. While you are going back and forth or continuing to look for a better deal, your dream house may be sold right out from under you!
Contrary to the news reports, people have not stopped purchasing homes. While the housing prices went down, the number of homes sold went up (according to the National Association of Realtors - NAR). And now that the government has introduced an economic stimulus package, more buyers are entering the scene. A few key events have given the housing market a boost: 1) lower interest rates, 2) conforming loan limits were increased as high as $729,750 in certain metropolitan areas (previously capped at $417,000) and 3) FHA has new loan limits ranging from $271,050 to $346,250.
In addition to all of the changes, the existing programs such as down payment assistance are still available. By using a down payment assistance program, a homebuyer can receive a gift of up to 10% of the purchase price to use as a down payment or to offset closing costs. The funds are a gift. They never have to be repaid! These programs are usually designed for the first time homebuyer; but, there are some for those who are not purchasing their first home.
Funds are available from charity organizations as well as government housing agencies. Most cities and counties receive federal funds to aid their residents in purchasing a home. There are also programs designed for persons in certain occupations, such as teachers, firefighters, police officers and doctors.
Now is a perfect time to buy a home! If you are thinking of purchasing a home, please contact me at (404) 290-8907 or email me at crystal@johnwalshhomes.com. I have several mortgage partners who can help you find the best mortgage for your situation and at the best rates.
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