Vashon Housing Market Favors First Time Buyers
October 29, 2008 at 9:37 pm Leave a comment
First time homebuyers are understandably anxious about the availability of financing for a home purchase. However, the availability of loans from local and regional lenders through FHA loan programs remain intact. FHA loans are guaranteed by the government and have low down payments, typically 3% to 5%. Mortgage brokers indicate that the primary difference in lending is in income verification and more thoughtful appraisals.
First time Vashon homebuyers should know that there exists a new tax credit which is essentially an interest-free loan re-payable over 15 years.
So it is a great time to take advantage seriously competitive home prices and an opportunity to take advantage of increases in home values as the economy improves. Your first step is to get a pre-approval letter from a qualified mortgage professional.
Entry filed under: • Real Estate, Housing Market News. Tags: Seattle home finance, Vashon home finance.
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