According to Elizabeth Razzi of The Washington Post, first-time buyers or those who have been out of the market for at least three years have more reasons to purchase a home than before. She makes some very good points to consider.
- Property prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae. Click here for detailed statistical reports on the housing statistics for the Orlando area.
- Interest rates are likely to decline as Freddie and Fannie get government help.
- The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back on Jan. 1, 2009, when the loan limit shrinks to $625,500. The FHA loan limits for single family homes in Orange, Osceola and Lake counties is currently $353,750. Click here to learn more about loan limits for FHA loans insured for other FLORIDA counties.
- The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month. Click here to learn more about purchasing a home with an FHA mortgage.
- The federal tax credit recently approved will shave $7,500 off a first-time buyer's federal tax bill due April 15. Buyers who don't owe tax will get the money as a refund. The government's definition of a first-time buyer is anyone who hasn't owned a home in the last three years. Click here for more information on the Federal Housing Tax Credit for homebuyers.
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