As we weather the storm and forge forward with hope for the future we must also keep informed of the new changes in the mortgage industry as well as some of the great incentives.
As I have stated before, it is still a great time to find exceptional value in real estate.
If you are a first time home buyer there is now an $8,000 tax credit which is a great incentive for purchasing a condo, coop or house.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first time home buyers purchasing a principal residence. The tax credit has been extended until April 2010.
The law defines a "first time home buyer" as a buyer who has not owned a principal residence during a three year period prior to the purchase.
Contrary to what you may hear, banks are still providing mortgages for people who qualify.
Rates are still at historic lows which makes your home purchase much more affordable than in prior years, however, guidelines from Fannie Mae and Freddie Mac have become more conservative.
Currently to pay no extra points or overlays on your mortgage you must keep your credit score above 740.
Although none of us can predict -with certainty- the future of our economy, I choose to be hopeful while remaining informed.
