January 9th, 2009 10:17 AM by Diego Quintero
Our nations economy has been experiencing what is characterized as a perfect storm. Wall Street tumbling, banks filing bankruptcy, unemployment rates increasing, and homeowners losing homes. Risky investments and an obvious sense of greed & irresponsible behavior have all combined to create this unprecented position that we are fighting against.
Our long term goal is, obviously, to turn this around but our short term goal is simply to stabilize our markets. The world is watching as it, too, has a vested interest in our economic recovery and success. The Housing Economic Recovery Act of 2008, has been established do just that - and congress has agreed to extend the timeframe for first time homebuyers to receive a tax benefit of up to $7500. This is great stuff! Obviously, some restrictions apply, like income levels cannot exceed a specific threshold, etc...If you need more info, shoot me an email or consult with your CPA for your particular scenario.
In the mortgage and real estate industry we are excited to see that congress is allowing this portion of the program to continue as it will bring more buyers to the table who are seeking finance. This will hopefully increase our velocity of money and in-turn help us stabilize at a quicker rate.
If you are a first time homebuyer or have not owned a primary residence in the last three years, your first step is to call your trusted mortgage broker. Your data and information will be processed to find out if you qualify and for how much. Always run your own budget spreadsheets to make sure that you are comfortable with the broker's findings and estimated payments. As always, feel free to call or email with inquiries or if you would like for me to take you through the process. I appreciate your business and your time. Thank you!
Your mortgage professional,
Diego L. Quintero -
Diego@fsrei.net - 602.614.5794
QUICK FACTS: For FHA buyers the minimum downpayment is 3.5%, but closing costs are still allowed to be covered by the seller (not to exceed 3% of the purchase price). For conventional buyers, you are looking at 5% down but if your market is characterized as a deteriorating market then banks will require 10% down. It is a great time to buy!