I don’t mean to yell, but I just really, really want to emphasize that you should kick it into gear if you’re on the fence about buying a home.
There has never been a better time to buy. Prices are still relatively low in the Valley and so are interest rates, but there are two more reasons I feel you need to get it moving.
Reason #1: Big changes to the FHA loan program
It’s going to be more expensive to get an FHA loan. What is an FHA loan and why should you care? If you don’t have a ton of money for a down payment, then this is the loan you’ll likely be getting.
When buyers are approved for an FHA loan, they have to pay for mortgage insurance. This is a government-backed loan and the feds want assurance you’re going to pay your mortgage every month. This mortgage insurance would drop off once you had enough equity in your home.
Starting June 1, 2013, you’ll have it on there forever and the amount you’re going to have to pay is going to increase as well. For those that currently have an FHA loan, experts tell me that you don’t have to worry. It’s only for those taking a new loan out.
So that’s a great reason to get on your home purchase now, but that’s not the only one. How about free money to help?
Reason #2: Maricopa County is offering a grant
Take advantage of a grant Maricopa County is offering. I love the word grant. It means you don’t have to pay it back.”
All together rejoice!
It’s called the Maricopa County Home in 5 Advantage Program. You don’t have to give up your first born to get it either.
You do have to take an online class about home ownership, but really, isn’t that worth it? You can get 5 percent to help pay for your down payment or closing costs. Veteran you can get 6 percent.
• Your household income must not exceed $90,000 per year.
• FICO score must be 640.
• Home price maximum is $300,000.
For more information, contact us.
Now, get a move on it people and don’t say I didn’t warn you!