Reasons To Buy A House In 2016

Reasons To Buy A House In 2016

Realtor.com just posted a great article about the reasons why 2016 may be YOUR year to finally purchase your first home, or find the home of your dreams!

1. Interest Rates are Still at Record Lows. A 30-year fixed mortgage rate is still hovering around 4%!

2. Rents Have Skyrocketed. The increase in rent prices is not proportional to, and exceeds, the increase in housing values.

3. Home Prices are Stabilizing.

4. Down Payments Don't Need to Break the Bank. There are a variety of mortgage options available in this market, as long as your credit score is up to par. USDA loans can require a 0% down payment! Or, the Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment if your credit score is above a 620!

5. Mortgage Insurance is a Deal, Too. For FHA loans, mortgage insurance is required in case of default. The fees are lowering from 1.35% to 0.8%, and are expected to bring 250,000 new home owners into the market.

6. You'll reap major tax breaks. Unless you buy a million-dollar home, all of the interest on your mortgage is tax-deductible!


For the complete article, please visit Realtor.com by clicking on this sentence.


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Author:
Phone: 863-557-9563
Dated: January 16th 2016
Views: 331
About Steve: Steve Humphries, Broker & Co-Owner of EXIT Realty Champions, has been in the real estate business si...

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