Why Now is the Best Time to Buy a Home Ever

It’s no surprise to hear the term, “It’s a Buyer’s Market.” Buy now and get the first time home buyer tax credit! Best time to buy a home, EVER!” So what’s fueling this push to buy a home? What makes this the best time ever? Let’s go over the top reasons to buy a home now:

1) Low mortgage interest rates. Right now, mortgage interest rates are near historic lows. Rates have fallen to historic lows since the Fed launched its program to purchase $1.25 trillion in mortgage backed securities.

2) Lower housing prices. This isn’t “new” news by any means, but it’s an important part of the equation (which equals ‘perfect time to buy a home’). Housing values have fallen steadily over the past two years and in turn, so have their sale prices.

3) First-time Home Buyers Tax Credit. House hunters who buy their homes between Jan. 1 and Dec. 1 of 2009 could qualify for the $8,000 (true) credit. This year’s tax credit is exactly that: a credit. The $8,000 does not have to be paid back at any time.

4) Low down payments are available on FHA loans. FHA loans (safe, government-backed loans) let you purchase a home with 3.5% down. Let’s consider this: If you’re buying a $200,000 home, your down payment (not including closing costs, taxes, etc.) is only around $7,000.

5) Low rates on jumbo loans. Right now, mortgage rates on jumbo loans are at some of the lowest levels in years. Recently Congress has approved lower rates on some jumbo loans in hundreds of counties across America. Call (800) 610-5499 to see if your jumbo loan qualifies for a lower rate.

Jumbo loans are much more flexible than most people think, allowing you to afford a home in a higher-cost area. In some circumstances, you don’t always need a 20% down payment. FHA loans are available as jumbo loans as well. Depending on your location, you could put as little as 3.5% down with your low fixed-rate jumbo.

Contact us right away to see if now is the absolute best time for YOU to buy a home. Don’t try to time the market recovery. It may be happening right now, and waiting could really cost you!