5 GREAT REASONS TO PURCHASE A HOME!
1. TAX CREDITS- The $8,000 tax credit is available for 1st time homebuyers (not owning a home within the last 3 years) plus the new $6,500 tax credit for people who have lived in their primary residence for 5 years or more. The contract has to be ratified by April 30, 2010 and close by June 30 2010.2. 100% FINANCING - USDA Rural Development is available for a large number of potential buyers. Right now borrowers could get 5.0% 30 year fixed rate w/no Mortgage Insurance which is incredible.
3. HISTORICALLY LOW RATES - 30 yr fixed rates at 4.875% and for the first time in a long while the adjustable rates are very attractive. A 5 yr fixed ARM is now down to 3.875% which could be perfect for the person at UVA or NGIC who will only be in the area 4-5 years. Remember with the lower interest rate 2 things happen, you lower the monthly payment while putting more money per month to the principal.
4. FHA FINANCING - FHA is gaining market share w/3.5% down payment that can be in the form of a gift, 620 credit score and no income limit. This is not just for 1st time homebuyers, and you can even own another property as long as it is not an FHA mortgage.
5. RENOVATION PURCHASE LOANS – If you love this house but it needs….. FHA 203k renovation loan might be a solution. You can add the cost of improvements to the purchase price.
Labels: charlottesville, charlottesville real estate, home purchase, tax credit
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