Pinetop White Mountain Blog

September 9th, 2008 10:24 AM

Good Morning Everyone,

I found this article this morning on one of the news websites I subscribe to and thought it was worth passing on.  Happy Reading! 

"Why This Autumn is a Great Time to Buy"

This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:

  • Interest rates are likely to decline as Freddie and Fannie get government help.
  • The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.

The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.
  • The tax credit will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don't owe tax, will get the money as a refund.


The government's definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.

Source: The Washington Post, Elizabeth Razzi (09/07/08)

HAVE A WONDERFUL DAY EVERYONE!

SANDRA & BRUCE PAULOW, REALTORS®

RE/MAX Pine Country Realty in Show Low, Arizona (866) 537-9001

 

Posted by Sandra Paulow on September 9th, 2008 10:24 AMPost a Comment (0)
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