Thursday, January 22, 2009

What's in the future for 2009?

A new year is upon us and the real estate market remains stale. Intrest rates are dropping and desire to buy a "good deal" is high. I find we have plenty of buyers out there but the problem lies in getting the loan. I have talked with many potential home owners with decent credit that can't get a bank or mortgage company to give them a second look. They may even have money down but a past ding on the credit scares them away. The "Zero" down loan is a gem of the past, but FHA is still going strong. If you are a first time home buyer this is your best bet if you only have little to put down. FHA requires 3.5% down of the purchase price. Now the sticky part comes with the home of your choice. There are those inspections that could send you on down the road. The major mechanicals have to be in working order and the home has to be practically in "move in" condition so you may have to pass up the "desirable priced foreclosure" with a "handyman special" tag. If you have cash in hand then the selection can be a fun playground for you. Foreclosures will increase in number if the government doesn't step in. Knowledge and information is your best bet when making your home choice.