The FHA (Federal Housing Administration) Mortgage Highlights
As a potential first home buyer, the best mortgage option available to you will likely be a FHA program. The following list details some important facts:
1. You can qualify for a mortgage with 3.5% down (FHA)
2. You can qualify with a 600 credit score (FHA)
3. You will receive a $7500 tax credit as a first home buyer
4. Your down payment can be gifted (FHA)
5. The seller can pay up to 6% in concessions and closing costs
6. 30 year fixed rates at 5.5% (February 3, 2009)
7. The FHA mortgage is assumable
8. FHA has flexible re-finance options (benefit if the rates go down)
9. The 203k Streamline Rehab and Repair provides funds to fix up properties
10, Obtain credit approval from an experienced FHA lender
This is the Time to Buy
Interest rates are at historic lows, price reductions in housing values are down 10-35%, and a $7500 tax credit are three of the major reasons that buying a home is more affordable and offers exceptional values. If you considered buying a home for $300,000 a year ago, today's relative value is $230,000 combining the drop in price and interest rates (based on 10% drop in value). In some markets the relative value is down to $150,000.
Visit Virtual Homes real estate to visit cities and towns to obtain home buying information. The Virtual Homes MLS Search provides a map based search and locates properties in their locations in each town. RE/MAX Innovations real estate agents provide buyer agent services in multiple states.
For real estate related information visit Real Estate in a Virtual World.
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