5 reasons why I think now is a great to be a first time homebuyer:
5.) Selection: There are a lot of homes currently on the market to choose from. The large selection gives buyers a lot to look at and compare other homes with; which increases the chances of finding the right home for you.
4.) Low Interest Rates: Need I say more? Low interest rates can be great when it comes to your monthly payment. Rates are so low right now that you may even be able to afford a 20 or 15 year mortgage vs. a 30 year!
3.) Loan Options: There are several different types of loans that a buyer may qualify for. Some FHA Loans offer 100% financing! There are also Rural Development loans, VA loans and conventional loans. Talk to your banker to see which loans you may quality for.
2.) Competitively Priced Homes: Due to the large selection of homes on the market, many sellers are pricing their homes very competitively. Does this mean they'll give their home away - probably not. But, it's important that both buyers and sellers understand that homes are still selling if they're realistically and competitively priced.
1.) First Time Homebuyer Tax Credit: With the new first time homebuyer tax credit you may qualify for a tax credit up to 10% of the cost of your home (up to $8,000). For more information you can visit: www.federalhousingtaxcredit.com
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