Team Abram's Blog

Today finds me thinking about what fabulous opportunities there are for first time buyers. The economy is having it's share of troubles no doubt, but there are some things that make it a good time to be a home buyer.

First of all mortgage rates are very low right now. If you haven't checked in with your mortgage broker lately, now is a good time to do so. Couple the low interest rates with the drop in prices and you have a great opportunity when it comes to buying your first home.

Now add in the fact that the government is allowing an up to $8,000,00 tax credit to first time home buyers or home buyers who have not owned a home in more than 3 years, and you have one awesome time to the in the market for your first home!

There may not be many of the same loan programs for first time home buyers that there used to be, but there are still some good ones. VA and FHA are still great programs. With FHA you can buy a home with as little as 3.5% down. There is one more program at least here in Northeast Kansas from the United States Department of Agriculture called Rural Development. This program is not limited to first time buyers, but is one of the only 100% down programs that still exists. Home must be purchased in smaller rural communities, and there are income guidelines, but they are fairly generous.

All of these factors make it a tremendous time to buy your first home. If you need more information about any of the above mentioned programs, please email me at darren@team-abram.com.