Deborah Carver All rights reserved.

Debbie Carver

Real  Estate for You

Auburn Reality

CENTURY 21

Auburn Realty

226 Washington St

Auburn, CA 95603

Direct:

530-320-1055

Toll Free

800-748-6668

X 157

License No:

01258966

Good News for Home Buyers

For Buyers:  There are some really good loan programs available now.  FHA is really being used to its fullest.  The down payment

is low or even nothing if used in conjunction with the down payment assistance program.  The down payment assistance program

can even be used toward buyer's closing costs.  As well, FHA is also allowing gift funds toward the down payment.  So, if the buyer doesn't have the 3.75% down, they can get it from a friend or relative utilizing a gift letter and still obtain their new home.

FHA is for primary residences. If someone already has an FHA loan, then of course they can't use it again unless they sell the 1st primary residence.  However, if the FHA loan is on a home they have inherited via probate, then that rule does not apply.   Also,  if the buyer is buying a 2nd FHA home for an elderly or disabled relative, the rule usually does not apply.

It appears that those buyers who missed the $8,000 Federal Tax rebate and the State rebate are actually coming out ahead if they still are interested in buying.  The home prices have dropped in some areas more than compensating for the missed tax because the home buyers have slowed down buying and the properties still need to be sold.

Even with the HAMP and HAFA programs the lenders are now utilizing that was created by the government to help people keep from losing their homes to foreclosure, there are still a lot of foreclosure and short sale properties on the market.

It's a great time for a buyer to buy.