I’ve said it before and I’ll say it again, “Get off your tushies and buy a home.” RIGHT NOW is THE time for both first time home buyers and move-up buyers. Seize the day. Cheap money and cheaper homes will NOT last forever.
Using FHA home loans, you can get purchase money up to $729,250 with LOW DOWN PAYMENT (3.5% down plus/minus) and even spotty credit. Yes, you have to document your income. These are SAFE government backed loans.
Recently, my clients, a young engaged “techie” couple, purchased a San Francisco single family home for just over $600,000. They got a 30 year fixed interest rate loan of 5%. Are you kidding, me? This is insanely fabulous.
Plus, more and more condo buildings are being approved for FHA financing.
The Chronicle reported today on what those of us in the real estate trenches already know… It’s a great time for first time buyers. The homes that are selling are at the lower end of the market. Buyers are taking advantage of the chance to get super cheap financing on homes that have decreased in value 10-20% (in SF; more outside of the City).
Check out the article and let’s talk. 🙂