05 FebWhy Buy Now?

We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market.  Let’s look at the reasons to buy now.

• Long term mortgage rates are at 20-30 year lows
  • According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed mortgage was 5.01% this week, up from 4.98% last week.  Last year at this time, the average rate for a 30 year fixed mortgage was 5.25%.  Rates fell to a record low of 4.71% average in early December
• FHA allows 6% seller concessions (may decrease to 3% this summer)
• FHA up front mortgage insurance is currently only 1.75% (set to increase to 2.25% on April 5)
• FHA 90 day flipping rule waiver is in effect until February 1, 2011
• CHFA (Colorado Housing and Finance Authority) has financing for buyers with credit scores as low as 580
• CHFA has down payment assistance programs available
• CHFA can offer loans with market interest rates and down payment assistance with the FirstStep Program
• CHFA MCC (Mortgage Credit Certificates) are available
• Fannie Mae is offering 3.5% incentive to buyers purchasing Fannie Mae owned properties
• HomePath financing is available for Fannie Mae owned properties
• The First Time Home Buyer Tax Credit is available
• Move Up Buyers receive a $6,500 tax credit
• Home values expected to increase from November 2009-2010

If you were on the fence before reading this, we hope this spurs you into action and clears up any confusion or questions about the benefits of purchasing now.  If you have any questions, please contact us.

Lending A Hand

Marla Wynn

The Wynn Team

About the Author | Scott & Marla Wynn

Scott & Marla Wynn are mortgage lenders with a focus on education. We believe an educated customer is our best customer. The mortgage industry has complicated the process of obtaining a mortgage so much that most customers believe the best way to select a mortgage lender is to inquire about rates and fees. Although rates and fees are an important part of the mortgage process, there are much more important areas to be concerned with. Lending A Hand was created to pass along our experience, knowledge and research to YOU to allow you to become a more educated mortgage customer. If you are planning a home purchase or refinance and live in the state of Colorado, we hope you select the Wynn Team as your mortgage lender!