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Buying A House

A Good Time to Buy a House?

A Good Time to Buy a House?

Not only could this be a good time to by a house, but it may be the best time in years. For some reason, home buyers seem most interested when prices are high. But just as we all like to see a “20% off” sale on our favorite consumer items or groceries, we should be more interested in buying a house when they are selling cheap. That’s right now.

Of course, if you already have a home you might hesitate to move up to a larger one now. Given the number of people in over their heads on their mortgages, it makes sense to be cautious. But if you are hesitating because you don’t want to sell your current home at these lower prices, think again.

Let’s suppose you have a home that you owe ,000 on, which was worth 0,000 just two years ago. Maybe values have dropped by 20% in your area of the country since then, so it’s now worth 4,000. It might seem that this is a terrible time to sell. On the other hand, if you had plans to move into a larger home at some point, this may be the best time.

For example, suppose a home you’re looking at is selling for 0,000. It would have likely cost you 0,000 just two years ago. That’s also what it will likely cost if you wait until your own house is back to a value of 0,000. Does it really make sense to wait to get ,000 more for your home if it means paying ,000 more for the next one? Not at all.

Now, if you have the financial means, you might want to buy the new home now without selling your existing house. You can rent out your current house and wait for better times when you might get more for it. But if you need to sell to buy, now is the time.

Not since the Great Depression has there been such a steep decline in the prices of homes. You can call it a crisis, or as the federal regulators say, a “correction,” but it just as meaningful to call it a “sale,” so yes, it’s probably a good time to buy a house. Of course there is no guarantee that we have reached the bottom on prices, but at the very least you know you are paying substantially less than you would have a couple years ago.

What if you’re a first time home buyer? Well, as pointed out above, it makes sense to buy something when it’s on sale – including a house. In addition, interest rates are still low (as of late 2008) . And although it’s tougher to get financing now, this isn’t all bad. You can feel safer knowing that banks and other lenders are no longer allowing borrowers to get mortgages they can’t afford.

Houses on sale, interest rates still near all-time lows, and lenders no longer pushing mortgages that get you into trouble – this may be the best time to buy a house.

First Time Home Buyer Programs

Copyright Steve Gillman. To see a photo of the house we bought for ,500, and get a free ebook on how to buy Cheap Homes, and a free real estate investing course, visit: http://www.HousesUnderFiftyThousand.com

Home Loans

For Florida homebuyers the FHA home loan just makes good sense

For Florida homebuyers the FHA home loan just makes good sense

FHA Mortgage Loan for Florida Homeowners

Take the proper Steps to Get Your FHA Mortgage today

 Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

Apply for an FHA mortgage at

www.FHAmortgageFHAloan.com

 

For Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

 Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. At FHAmortgageFHAloan.com we understand the importance of this decision and it is our goal to make your acquisition into home ownership memorable. Regardless of whether this is your first Florida home or your third Florida  home purchase we will do our best to ensure that getting you into your new Florida home is a pleasant and memorable experience.

When you begin to seriously consider purchasing a new Florida home it is important that you follow some simple steps to make sure that the Florida home process goes smoothly.

The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of Florida home you can afford and how much your current obligations will allow you the apply for  based on your monthly income and expenses.

The next important step in purchasing a new Florida FHA home loan is to get pre-approved for an FHA  home loan. The peace of mind that comes with knowing that your FHA mortgage loan and credit report have been approved will allow you to shop for your new FHA home with confidence. And when you find a Florida home and are ready to make an offer the fact that you have already been pre qualified for your FHA loan amount will give the seller confidence in you as a serious buyer.

About FHA Mortgage Loans

FHA guarantees eligible Florida home  loan applicants the ability to obtain FHA home loans with 3.5% down payment. FHA mortgage  loans can be fully assumable. FHA mortgage loan limits apply depending upon where the Florida home is located 

FHA mortgage loans provide for  low down payments and the easiest qualifying guidelines to make it easier for Florida homebuyers  qualify! FHA home loans are popular with Florida first time home buyers but are equally liked by  moving up buyers and Florida homeowners looking for a  Florida Rehabilitation loan. With an FHA Mortgage  loans you can borrow up to 96.5% of the purchase price of the Florida home.

The advantages of a FHA insured mortgage product to a Florida first time home buyer are many. A Florida homebuyer may apply for an FHA mortgage loan to purchase a Florida home with little money out of pocket. FHA home loan insurance permits FHA mortgage lenders to make mortgages for Florida first time homebuyers without risk. 

With an FHA home loan here are no income limitations or minimum  credit score requirements when FHA insured mortgage. This is why FHA loans are among the easiest mortgage loan to qualify for and almost  anyone can qualify as long as they have a reasonable credit history and can afford the monthly FHA mortgage payments. You can also combine FHA home loan programs with many Florida first time homebuyer down payment programs.

FHA Streamline mortgage Refinancing

The FHA mortgage has permitted FHA streamline refinances on FHA insured  home loans since the early 1980’s. The FHA streamline refinance  refers only to the amount of documentation and underwriting that needs to be performed by the FHA mortgage lender, and does not mean that there are no costs involved in the transaction.

The basic requirements of a “streamline FHA mortgage refinance”  include:

The FHA mortgage loan  to be refinanced must already be insured by  FHA. The refinance is to result in a “lowering” of the borrower’s monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the “streamline” refinance process. The FHA mortgage to be refinanced should be current (not delinquent).

FHA mortgage Lenders may offer FHA streamline refinances and include the closing costs into the new FHA mortgage loan amount. This can only be done if there is sufficient equity in the Florida. FHA Streamline refinances can also be done without appraisals, but the new FHA home  loan amount cannot exceed what is currently owed, that is  FHA closing costs may not be added to the new FHA mortgage with those costs either be paid in cash or through the premium rate as described above.

 

First Time Home Buyer Programs

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http://www.FHAmortgagePrograms.com
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http://www.fhamortgageprograms.com/mortgage/homeowner-refinance.shtml
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml
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http://www.fhamortgageprograms.com/florida/Bradenton/

Buying A House

Is it a Good Time to Buy a House?

Is it a Good Time to Buy a House?

It’s a constant question now in the real estate market: Is it a good time to buy a house? Of course it is difficult to answer in an article since you may be reading this years after it is written, when conditions have changed. But whenever you find this article, the following three crucial factors are what you’ll want to look at to answer the question for yourself.

Home Values

At the moment, the first thing most people are wondering when they ask if it’s a good time to buy a house, is whether prices have finally stopped falling. Since a home is seen as an investment of sorts, we all like the idea of buying when values are rising. I am writing this in early 2009, and no, home values not only are not rising in most areas, but they don’t seem to have stopped falling.

We just bought a home anyhow, and there are several reasons why we felt comfortable doing so. The first is that prices don’t seem to be falling much in our area (Canon City, Colorado). Apart from the various foreclosures that are dragging prices down a bit, the market here is much more stable than in other parts of the country. A stable job base and the fact that prices never rose too far too fast during the “boom times” helps.

The real estate market does not act the same everywhere in the country. So to see if a bottom is near or if prices are rising, pay close attention to what is happening where you are. On the other hand, we did not buy counting on rising prices, because that is not the only determining factor. In fact, it is possible that the problems in the country will get worse and drive prices down 10% or 15% even here. So what else made us decide that for us it was a good time to buy a house?

Interest Rates

At the moment you can get fixed rate 30-year mortgage loans at about the lowest interest rate in your lifetime (no matter how old you are). Our own rate is 4.5%. That’s not a variable or “teaser rate.” It is fixed for the thirty years of the loan.

Let’s look at why this matters so much – as long as you plan to stay in the house for a while, as we do. Suppose you pass on a house that is selling for 0,000 and waited a couple years while prices fall another 10%. But suppose that at that time interest rates were up around 7.5%. You buy the house for 0,000. The payment (assuming you have a 10% down payment and borrow 2,000) is ,132 each month for principal and interest.

But what if you had bought at 0,000 and put 10% down? Then your payment on the 0,000 loan would have been 2. That’s right, you would be paying 0 more each month if you waited and bought at the lower price. That amounts to ,200 more that you would pay over the thirty years if you stayed in the house that long (,200 more in payments, but you saved ,000 on the down payment). This demonstrates the importance of the interest rate in determining your true cost.

Personal Situation

Is it a good time to buy a house, then? That depends not only on prices and their direction, and not just on interest rates, but on where you are financially. How secure is your income? If you lost your job, could you make the house payments for six months while you looked for another? Can you count on finding another job that will provide enough income to pay for the house? Are you going to be staying in the area long enough to justify buying (renting can often make more sense if you will be moving within a few years)? These are the more difficult questions to answer, but perhaps the most important in determining if it is a good time for YOU to buy a house.

First Time Home Buyer Programs

Copyright Steve Gillman. For more on whether this is a good time to Buy a House, and for a free real estate investing course and ebook on how to buy cheap homes, visit: http://www.HousesUnderFiftyThousand.com

If you are thinking of selling your home, The Guardian Realty Center produces high definition video to sell your home fast on the internet. If you are thinking of buying a home you must remember the home is only a small portion of your decision . It is important to remember you are also buying a neighborhood and a school district. …We have other town videos running for your convenience…Call us if you would like to go out and see homes in Putnam Valley. The Guardian Realty Center is located at 160 Bryant Pond Rd, Mahopac NY…Call us at 845-661-1339 or visit the website: www.guardianrc.com
First Time Home Buyer Programs
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