The average person thinking of buying a home these days is inundated with media coverage of the markets, mortgage problems, foreclosures, short sales and more. They're also receiving a ton of information about incentive programs from the government to help buyers to purchase and finance a home. At the same time though, the news tells us that the FHA is increasing credit score bottom limits and raising mortgage insurance premiums.
Just when one would think they've researched and located every feasible incentive or tax credit, there's an announcement of a new one, or an old one is changed. While the first time home buyer tax credit was extended and expanded to other buyers who already own, there are limitations and conditions. 3.5% down payments are still available from the FHA, but with a higher credit score required. Others with a 580 credit score or lower will have to pay as much as a bottom 10% down payment.
Then there are state and federal down payment assistance programs, special mortgages for rural areas that will finance more than 100% of a home's appraised value (USDA), and more incentives hiding in the fine print of government documents and websites. And, some of this news isn't really news, because limitations are such that few qualify anyway or funding for the programs are under budgeted. Come into a mortgage broker's office and let us help you to sort through this mountain of information to find the home mortgage right for you.