First Time Home Buyers FTHB
First Time Home Buyers? Now is the time. I have worked with many first time home buyers (FTHB) over the last few years. There is some hesitance, confusion, fear, uncertainty, joy, happiness, and a slew of other emotions and feeling that happen during the experience. One of the most common questions I get asked, “is now a good time to buy a home?”
It is not so much the timing of the market, but the current situation of the buyer. If the buyer has a career that they like, they want to stay in the area for a given length of time, and would appreciate all the benefits of owning, then it is usually always a great time to buy. That brings me to today. Today is a great time for a fthb to buy a home. You might be asking yourself why? with all the negative news in the press?
Well, right now prices have dropped and rates are low. That combination makes for a great payment with 30 year fixed money. The rate for a 30 year FHA 97% financing (meaning you only need 3% down) is in the low 6’s%. Imagine finding a great starter home in the mid $200’s, putting less than $8,000 down, and owning a home with a 30 year fixed mortgage?
There have been very few times in our countries history that there have been a large inventory of homes available for sale and rates this low. I have even heard people talking that rates will go lower. So, if you have been thinking about owning a home (or know someone who is) introduce them to me. Now is a great time to buy your first home.
October 27th, 2008 at 6:49 pm
As we all have seen the changes in the seasons with the leaves turning colors, we also have seen the changes in the lending industry. For FHA financing the NEW downpayment requirement is just a little more than 3%, the new downpayment requirement is 3.5%. What is up with all these crazy times? Trying to keep up with the changes… new president coming into the Oval Office, new daylight savings time, as well as the sun disappearing much sooner than we all really want. Hang in there everyone this too shall pass.