1. On January 1, 2009, the FHA down payment minimum will increase from 3% to 3.5%. Lock in your loans now! You can settle after the 1st of January, as long as your loan is in the system.
2. Interest rates just dropped dramatically in the last couple of days. It is the lowest it’s been since 2004!
3. In the near future, the FHA jumbo loan limit will decrease from $729,000 to approximately $625,000…meaning it will be more expensive to get a higher loan amount.
3. The holidays typically mean less competition for homes, and buyers can negotiate some great deals. However, the post-election moves are going to be increasing as the new administration moves in.
4. Prices are anticipated to go up in the next few months as the post-election moves boost the local market. Buy low while you still can.
5. First-time home buyers can take advantage of the $7,500 federal tax credit only until June 30, 2009.
6. I still know of a 100% financing loan option, which includes buyer’s closing costs (NO down payment and NO closing costs)! Not many realtors in our area know about this program. Talk to me before it goes away!
7. New construction developments are offering more incentives than they ever have before, and have some great financing options, too.
8. Many sellers are willing to give concessions, such as paying for a buyer’s closing costs, giving money for improvements, and offering creative financing options such as seller-held trusts.
9. Take advantage of the tax benefits of home ownership. You can increase your deductions and increase your monthly take-home pay. You can deduct your loan interest and real estate taxes.
10. Stop paying rent and start building equity. Owning real estate is the key to long-term wealth.