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December 21st, 2009 5:29 PM
There are a number of reasons to move off the fence with your decision to buy or not to buy. One big reason is that you only have to April 30th to find a home and be in a contract and you must settle by June 30th in order to take advantage of the extended first time home buyers $8000 tax credit. Another reason is that for now the mortgage interest rates are a record lows. There seems to be a move a foot on tightening up FHA guide lines. Those changes could include increasing the minimum down payment from 3.5% to 5% on a $200,000 dollar purchase that increase in the minimum% down, amounts to a difference of $3000 more you will need. The other change is the % that you can get back from the seller. Currently you can get up to 6% the change would drop that to 3%. And finally there is some talk that FHA could change the minimum credit score that you will need in order to qualify for an FHA mortgage. For more detail on the possible FHA changes there is a feed from Business Week on our home page dated Dec 2, 2009. It's like the proverbial good news bad news story. Let's hope they leave the FHA program alone for now. However, where there is smoke there is likely fire. Another reason to move forward now rather then wait. Finally home prices have slid to unbelievable low levels and there are some very nice homes representing some excellent buys on the market right now! This is probably the best time to  pick up a home that has been on the market. It's like going to a car dealership when the new models are being introduced and they have a lot of left overs to move. You get to negotiate on heck of deal on the left overs same applies to homes at this time of the year. So give The DiPinto Team a call NOW cell: 609-413-6024 and lets go out and get a great home  at a fabulous price! 
Posted by Ron DiPinto on December 21st, 2009 5:29 PMPost a Comment (0)

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