Real estate doom and gloom…NOT!
With all of the negative press that we’re exposed to throughout the day, we need to remember that the real estate market, at least, is still alive and well. Since the government’s ‘sudden recognition’ that it was broken, changes have been made to push the industry in a healthy direction. That is, by making affordable mortgage money available to the masses…at least those who meet modest guidelines & can PROVE IT!
FHA and VA programs are still great for home buyers with less-than-stellar credit who have 3% in savings to put towards a down payment. (Note this amount is expected to rise to 3.5% in Maricopy County by the end of the year.)
And you remember the $7500 tax credit for first time home buyers (or those who have not owned a home in 3 years)? It’s still there. It’s basically an interest-free loan equivalent to a 3% down payment on a $225,000 house. How cool is that?
My point is that, while everyone’s nervous (at a global level!) about what’s going on in today’s financial markets, we need to keep at least the real estate piece in perspective. The lending landscape is going to continue to evolve more rapidly than normal in the upcoming months, but I believe in a direction that supports sustainable, healthy, & responsible housing markets.
If you’re looking for Phoenix real estate or Scottsdale real estate, a good Realtor can connect you with a reputable lender who can give you more guidance and input on the various mortgage programs that may be available to you.