This fall could be a particularly great time for first-time or buyers out of the market who would like to own a home again.
Why you might ask?
Prices are probably as low as they are going to go as the market stabilizes, There is an assumption out there in the market that prices are probably as low as they are going to be until we have true market stabilization which translates to the nationalization of Freddie and Fannie.
The FHA allows a minimum down payments that will rise to 3.5 percent as of Oct. 1 , 2008, giving would-be buyers incentive to get into their lenders and start locking rates today! The Federal Housing Administration recently also boosted its loan limits to $729,750 in expensive areas. It’s going to take some of that back come Jan. 1, 2009, when the loan limit will shrink to $625,500. If you are looking at high end properties this should speak loudly to you in particular.
The newly popular tax credit or “tax loan” as it should be termed will save $7,500 off a first-time buyer’s purchase. This applies to those buyers who have not owned a home for three years as well. Read my previous blog post regarding “When a Tax Credit is really a Loan” for more detail regarding this feature.
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About hankbailey
Member of the Athens Area Association of REALTORS®, Georgia Association of REALTORS®, and the National Association of REALTORS®. I grew up in Athens and graduated from UGA with a BBA from the Terry College. I serve as a Residential Real Estate Listing and Buyer Services through Prudential Georgia, one of the largest real estate companies in the State of Georgia. Working with first time home buyers, step-up buyers, and Relocations in Jackson, Barrow, Oconee, and Athens-Clarke Counties.
http://www.AdvancedPropertyMarketing.com (this is our listing methodology)
http://www.GetJobLossProtection.com (this is an overview of our job loss program)
• Adept at understanding mortgage financing issues, products, and terminology.
• Technical expertise in internet marketing.
• Excellence in establishing trust with clients.
Represents Prudential Georgia Property Management in the acquisition and marketing of properties for lease in the Greater Athens area.
Personal website; www.athensgahomesforsale.com
Member of GA MLS
Member of FMLS
Member Georgia Association of REALTORS®
Member of Athens Association of REALTORS®
Member of the National Association of REALTORS®
Member of the UGA Alumni Association
