If you are considering buying your first home you may very well be asking yourself if now is the time, have prices bottomed out and trying to weigh the risks of buying a home versus the rewards. Well, if this is the case, allow me to give you some things to put on the “rewards” side of the equation….
For starters, with mortgage rates at historic lows, your monthly mortgage payment in most cases should be much lower than what you are currently paying in rent! Remember this…”Your Landlord says Hi…& Thanks You for Paying His Mortgage.” Also, we have seen flexibility from sellers on negotiations and most are helping in paying for the buyers closings costs…so that just leaves the down-payment, and that may not be as much as you think……
Don’t have 3.5% to put down? You might not need it!
There are First Time Buyer funds available from the government that ranges from $3,000 to $5,000 in St Louis County, St Charles County and Jefferson County. In St. Louis and Jefferson County the funds are typically “forgiven” if you live in the property for five years and in St Charles County the funds are ‘due on sale”.
These funds can be used for down-payment, closing costs and pre-paid items but do have some income eligibility requirements. For full details on this program watch the quick video below.
So, as a first time buyer you can now buy a home with little or no money into the deal and take advantage of the lowest mortgage rates we will probably ever see, not to mention the housing affordability index at its lowest since the early 1970’s…it truly is the great time to buy and earn equity in your own home instead of helping your landlord create wealth every month.
Are you a little more adventurous? How about buying a Bank Owned or a Foreclosed Property? We have information on another government program that can get you funds of $25,000 (or more)to repair or rehab that property…or apply those funds towards your down-payment and closing costs….for more information, please click here.
About the Author:
Peter Wright (NMLS 493721) is the Senior Vice President of Essex Residential Mortgage.Peter can be reached by phone at (314) 722-2332 or on his cell phone at (314) 753-7155 by email at pwright@erezllc.com or you can visit his website at RoosterReview.com.
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