Not only is it a fabulous time to be a buyer with tons of inventory out there a lots of motivated sellers, but the FHA program has rolled out a wonderful new plan that will help all buyers who really want a house! You need very little money to put down and credit scores aren't going to be a problem.
This new loan is in effect for a limited time only, from now until September 30, 2008, and only applies to HUD owned homes. The purpose of the loan is to help get a lot of these foreclosures moved and off the market as quickly as possible. All a borrower needs is $100 down; this is different from the usual 3% that FHA loans generally require. HUD owned homes are a dime a dozen now and you can really scoop up GREAT deals. (My last post was about a client of ours who is in the process of purchasing a foreclosure appraised at $435,000 for $260,000.) This new FHA loan also gives the buyers, yes, GIVES, $2,500 to use in the fix up the home, put it toward closing costs or use it to reduce the amount of the mortgage. There is no minimum credit score requirement for FHA loans. The only stipulation is that the loan is available to owner occupant homebuyers, not investors.
If you are interested in learning more about this program, finding HUD owned homes to make offers on, or any other information in regards to buying your next home, please contact me at 770-655-3459. We would also love for you to visit our website at www.YourDynamicDuoTeam.com
We hope to hear from you soon!