Is The Real Estate Market Stabilizing?
March 16, 2010 by Ryan Davison · Leave a Comment
So far in 2010 sales are up and prices seem to be stabilizing. But in the last few weeks we are starting to see how fragile the recovery actually is. When the government ends it’s support after the first quarter, and are no longer purchasing mortgage backed securities, the tax credit ends and securing financing is still tricky at certain price points, the recovery could get even worse.
There is more and more evidence that the largest threat to the housing recovery will be foreclosures. The amount of foreclosures is estimated anywhere between 1.7 and 3.2 million properties. It appears that theses properties could be about to hit the market. When they do it will surely wreak havoc on any recovery and devastate pricing.
Double Whammy!
The truth is if you want to get the most money from the sale of your home do it very soon. With the tax credit ending and interest rates soon to rise to get investors back into the market and an estimated 1.7 to 3.2 million foreclosures about to hit the market. Now is the time to get top dollar for your home.
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FHA Loan
January 27, 2010 by Ryan Davison · Leave a Comment
Everybody is talking about FHA loans and if you thought you couldn’t buy a home then using this loan may be an option for you.
The FHA loan program was created to help increase home ownership by making it easier and less expensive than other types of real estate mortgage home loan programs. This loan offers low down payments of 3.5% or less, FHA regulated closing costs and this is really cool, you can gift or be gifted money for the down payment and closing costs. This loan is much easier to qualify for as well with a minimum FICO score of 620. Also FHA will allow you to purchase 2 years after a bankruptcy and 3 years after a foreclosure. This loan is great if you have a high Debt to income ratio and if you are self employed.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
Please keep in mind that regulations change often.
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USDA Loan Program
January 5, 2010 by Ryan Davison · Leave a Comment
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A USDA Guaranteed loan is government insured up to 100% of the appraised value of the home. These loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. This loan has a $290.000 loan limit.
To be eligible for this loan you must have an adequate and dependable income, be a U.S. citizen, qualified alien, or be legally admitted to the U.S.
This loan will cover new and existing homes however the existing home must be in good form.
This loan can’t be used for income producing property.
A rural area is defined by an area with a population of 10,000 or less and under certain conditions town and cites with between 10,000 and 25,000 residents. No down payment required, loans are offered for 30 year fixed rate at market interest rates.
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