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First Time Home Buyers – The Home Affordability Table

Whether Congress renews the first time buyer tax credit or not, there's really a lot of good news out there for home buyers, first time or not.  We were all taught that a three-legged table is more stable than one with four legs, and the ability of a home buyer to afford a home in today's market can result in a great and stable mortgage with three factors currently in play.

  1. Affordability -  prices are down in just about every market, making homes more affordable than at any time in the last ten years.   While buyers four years ago were stretching their repayment ability to buy the size home they wanted for their families, now that same home is much lower in price, and able to be purchased with lower payments.
  2. Interest Rates Are Low - Historically, there have been very few periods in the last 20 years when very low interest rates and dropping home prices have co-existed.  Rates, at 5%-6% for 30 year loans, are bringing more homes into the affordability range for first time buyers.
  3. Stimulus & Good Credit - The third leg is the one that takes a little work on the part of the buyer.  There simply isn't going to be opportunity unless you have excellent credit or a good down payment.  If you do have good credit, then there are government stimulus programs out there to give you that third leg up for home ownership.  It takes investigation, and the resources of an experienced mortgage broker can help you to locate down payment subsidies or creative mortgages designed for good risk profile customers in today's market.

Two legs to support a mortgage and affordable home are out there for everyone in today's real estate market.  All you need to do is to contact a professional mortgage broker with the resources to help you to get that third leg in place for home ownership stability.

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