For the first time in years, prices that have been climbing steadily upward are stabilizing, restoring a level playing field that helps buyers drive a harder bargain with sellers, even in heated markets
Reason No. 4: Down payments don’t need to break the bank
Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, that chunk of change can be smaller, thanks to a variety of programs to help home buyers. For instance, the new Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment for credit scores as low as 620.
Reason No. 5: Mortgage insurance is a deal, too
If youdodecide to put less than 20% down on a home, you are then required to have mortgage insurance. A workaround to handle this, however, is to take out aloan from the Federal Housing Administration—a government mortgage insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580.
Reason No. 6: You’ll reap major tax breaks
Tax laws continue to favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! The biggest one is that unless your home loan is more than $1 million, you candeduct all the monthly interestyou are paying on that loan.
Author:Mary Taylor Phone: 817-701-5053 Dated: April 21st 2016 Views: 1,437 About Mary: Mary Taylor grew up in Fort Worth and is proud to call herself a Texan. Soon after starting a career...
The market is expected to still continue to remain strong. Hom
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