If you are looking for a new home, now is the time to buy! With the interest rates being low and the great programs that are out there to help home buyers, it is a great time to purchase your new home! I spoke with Susan Coleman of Opteum Mortgage and she gave me some information for home buyers.
*FHA loans are popular now. The down payment is only 3.5% of the purchase price and the current market interest rate is 4.875%. The seller can contribute up to 6% of closing costs to include prepaids (this is inerim interest, homeowner's insurance premium and setting up the escrows). This is a great loan for not only a first time buyer but any home buyer. There are no income limits on an FHA loan and no georgraphic restrictions. The maximum loan amount is $271,050.
*First-Time homebuyer's tax credit. This is a credit for up to 10% of the cost of your new home or a maximum of $8,000. Any home purchased for $80,000 or more qualifies for the credit. This credit is for first-time home buyers only! Individuals are eligible for the credit if their income is no more than $75,000 and $150,000 for married couples. This credit does not have to be repaid and most financing arrangements are acceptable. There is no pre-purchase authorization. You simply claim the credit on your 2008 (if purchased and closed before April 15, 2009) or 2009 tax return on the new IRS for 5405. The deadline for this is December 1, 2009. This means you must purchase and close on your home before December 1, 2009 to be eligible.
These are just a couple of options available to home buyers! We at RE/MAX would love to help you find your new home! Also, you may contact Susan Coleman from Opteum Mortgage at 912-660-0303 to get started buying your new home!!
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