OK, let’s review:
- House prices have come down to the lowest levels in years. There’s some evidence that many markets are finding a bottom.
- Morgage Rates are around 4.75% for a 30 year conventional loan or 6% for a jumbo (over $417,000).
- USDA mortgage loans that offer no money down transactions for qualifying buyers are still available (income limits at $56,600- joint- for Iredell residents- varies by county).
- The Federal government is providing up to $8,000 tax credits (like cash) to qualifying first time home buyers (income limits up to $75,000 single and $150,000 joint).
If you think it will get better than this, I’d not hold my breath. This is all driven by the difficult economy and slow housing sales. As soon as sales pick up substantially, you’ll probably see the interest rates go up and the incentives become harder to get. Timing markets like this is next to impossible- we’ve never seen anything like it, so how do you predict the future?
If all that looks to you like an ideal situation to buy a home, let me know. I’ll be happy to get to work finding the right home for you.
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