Wednesday, March 25, 2009

You May be able to Afford a Home Right Now

Thinking about buying a home? Right now is a great time because of favorable buyer's market conditions both with home values and rates.

When putting an offer in you want to make sure you are getting the best deal you possibly can. Most people are looking to put as little money down as they can and keep their closing costs to a minimum. How do you do that?

If you are going to use an FHA loan for your financing you can get most if not all of your closing costs paid for by the seller. FHA allows 6% seller concessions. This means that you can write into your contract that the seller is to pay up to 6% of your closing costs.

Now you may think that there is no way that you would need 6% for your closing costs, but they will add up and having 6% to play with is very helpful.

In today’s market it is very common for the seller to pay up to 6% so if your goal is to bring as little money as possible to the table this will help. If you do an FHA loan and you get all of your closing costs paid for then you will only have to bring 3.5% of the sales price of your home to the close.

This means that if you purchased a $200,000 house you would have to bring $7,000 to the close and that is all! Very nice! So if you thought that you could not afford to buy a home right now you may want to rethink this.

Check out http://www.jillshotproperties.com/ if you are looking at buying a home in the Tampa – Lakeland area and need a realtor.

Check out http://www.thebriteway.com/ if you need help with a mortgage – refi or purchase.

Check out this page of HUD’s website - http://www.hud.gov/buying/index.cfm for detailed info regarding purchasing a home.

Great Info in here!

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