Why is this a Good Time to Buy ?

September 12, 2008

This fall could be a particularly great time for first-time or buyers long out of the market to jump in and make a purchase.

Here are the reasons why:

  • Interest rates are likely to decline as Freddie and Fannie get government help.
  • The Federal Housing Administration recently boosted its loan limits.

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.

  • The tax credit 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.

FYI: The government’s definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.

 

Give me or any member of our team a call if you have any questions or if we can help you purchase a home.

 

 

 

 

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