Do you know about - It's a Great Time to Buy a Home
Fha Interest Rates Today! Again, for I know. Ready to share new things that are useful. You and your friends.Recently residential mortgage loan rates have fallen to a 38 year low. That's phenomenal and the timing couldn't be better, now that property values have fallen to a more realistic level it ultimately looks like a good time to buy. These rates directly apply to home purchases (not necessarily to commercial, land, and multifamily purchases), but all the rates are advent down.
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If you are concerned in getting into a home for the first time, there are phenomenal new programs that will aid you with your down cost and allow up to 6% of your closing cost to be paid by the seller. 6% should cover practically all your cost of closing including some prepaid items like taxes and insurance. The best of these programs so far is the Fha 203B, there is a 3.5% down cost and they allow 6% of the costs of closing to be paid by the seller.
A first time home buyer (someone who hasn't owned a home in the last three years) is now eligible for an ,000 tax rebate. There are some strings attached to the rebate, but not many, and it's a great bonus for buying, a real aid to today's financially strapped home buyer. Plus, there's a similar agenda that works on the purchase of a property that has more than one unit.
That's right, there are excellent opportunities these days for the man who is looking for an venture and who wants to have a place to live at the same time. Fha has a agenda where you can buy a property with up to four rental units (total loan can't exceed 9,000). You can qualify for this loan as long as you plan to occupy one of the units yourself. (If you are a Texas Veteran, then the limit would be 5,000.) Your down cost can be as low as 3-1/2%, not 20% like most investors have to pay for their rental investments. On 9,000 that's only about ,000, plus the jobber is allowed to pay your closing costs up to 6% on this one, too. Even better, you are allowed to use the earnings on the other (rental) units as part of your qualifying earnings for the loan. Plus, if you are a first time homebuyer you get the ,000 tax rebate, even on this rental property.
Buying properties that need fix and fixing them up is fun and can get your creative juices flowing, and it's a better than ever company to look at today. If you have basic handyperson skills you can get some real buys in these properties. Whether you buy them out of foreclosure or from population who don't have the time, knowledge, or inclination to see a property restored through completion, those skills of yours are worth big bucks today. There is more of this type of property on the market now than ever before.
There are many wonderful opportunities to buy property because of this economic crisis. Don't sit on the sidelines and be caught ten years from now looking back and saying, "I wish I had bought (a house, or rental property, or land) when every thing was economy and more available." Get out there and find one of these opportunities that will work for you.
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