It is still possible for First Time Homebuyer's to Purchase

Real Estate Agent with William Pitt Sotheby's International Realty REB 0757310
So many first time homeowners are discourgaged by the news reports stating that the mortgage money is not so readily available.  While 100% mortgages have certainly gone by the wayside unless your credit score is up over 720, there are still some great mortgages out there.  Rates for FHA loans are still in the 5's as are CHFA loans.  These loans require 3% hard money from the borrower and there are conventional loans that require just 5%.  With prices down, there are deals to be made.  Also, closing costs in many cases can be covered by the Seller.  Buyer's should not wait for the prices to begin tracking up again...the time is now!

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