The Four Paths to Home Ownership
Right now may be the best time in History to buy a home. Prices are low and interest rates are very low. Almost everyone agrees inflation and high interest Rates are coming. Prices for homes will go up and affordability will go gone.
Now is the time to get into a home and lock in a long term low interest rate loan.
I know for many it is a challenge, but there are four ways to get into a home at little cost:
- FHA is the most popular. These loans require only 3.5% down and you can use a credit for closing cost. What I like about FHA is that it is an assumable loan. If you sell your home at some point in the future it will be an attractive buy as the buyer can help pay for his new home by assuming that low interest rate loan you have locked in. You need to go FHA ASAP, next month the Mortgage Insurance Charges on FHA go up.
- VA Loans. If you are a veteran and qualify this is a great loan program. You can get a closing cost credit when you use this loan.
- Cal FHA is a state sponsored lending program that takes 3% down, but you can also borrow closing cost, get a second on part of the down and get closing cost credit. This one has been gone for a while but is now back. For details I will have to send you to a lending partner.
- Homepath. If you want to buy a Fannie Mae owned home you can use Homepath and get the home for 3% down and ask for closing cost credits. No appraisal required and no Premium Mortgage Insurance.
Now is the time to act. Call me to determine which is the best program for you! or e-mail me now!
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Nice post. Enjoyed reading....
Gene,
SO TRUE! This is the best time to buy a home! I wish more renters would realize that.
Have a great Sunday!
THanks for the comments. I cannot think of any reason not to buy right now, if you can at all possible get a loan.
Gene - Great summary of some of the affordable home loan options available to buyers right now. On another note though, have you been working with a lot of vets in the past few years? If so, are you having any problems getting them into escrow with their VA loans? Just curious.
I have done one VA about 18 months ago. We got him in a house no one else would put an offer in on. It was an older home, but in OK shape, just not what people are generally looking for around here. The bank had to do a little termite work before we could close and we paid a little extra to cover it.
Gene - I'm not having any luck with my vets these days. I haven't closed a VA loan since December 2009 and even then, my borrowers BA appealed to the sellers charity and humanity (the seller was a Vietnam vet).
Since then, every vet that I have had started out trying to buy with their VA but after awhile when no listings agents or their sellers would accept their offers, they all ended up going with other programs. Some ended up buying with an FHA loan and the others went either USDA and others went conventional with some down payment assistance.
Its absolutely despicable the way that so many vets are getting treated by this market. This is not a market for VA loan and while I am sure there are other Realtors and MLOs in other markets that are doing a lot of VA, unfortunately, most listing agents and sellers in the SoCa market don't really give a $#^! about helping out our returning vets. It's really sad.