This Autumn is a particularly great time for first-time buyers or for those who have been out of the market for a while to jump in. Here are some reasons why:
- Prices are likely as low as they are going to get as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.
- Interest rates are likely to remain low as Freddie and Fannie get government help.
- The Federal Housing Administration recently raised its loan limits to $729,750 in some areas. It's going to take some of that back on January 1st, when the loan limit will shrink to $625,500.
Currently the FHA allows down payments of as little as 3%, but that will rise to 3.5% on October 1st. If you're scraping dollars together for a down payment, set your closing before the end of this month.
The tax credit from your home purchase will knock $7,500 off a first-time buyer’s tax bill on April 15. If you don't owe tax, as a buyer you will get the money as a refund. The government's current definition of a 'first-time buyer' is anyone who hasn’t owned a home in the last 3 years.
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