First Time Home Buyers Should Buy Now!
As we all know, the deadline for the $8000 tax credit for first time home buyers is fast approaching on April 30, 2010.
Below is a video Michaela and I made to give you more information about both the credit for first-time buyers and $6500 credit for move-up buyers:
What no one seems to be talking about is the changes that are coming for those buyers who are using FHA financing. On April 5th, 2010 the FHA will raise the fee for upfront mortgage insurance from 1.75% to 2.25%. While this doesn’t seem like a lot, it will affect how much a buyer can afford to buy since it could easily raise mortgage payments by $50 to $100 per month., though since upfront mortgage insurance can be financed into the transaction it won’t affect the amount of cash buyers need to get into a property. I still say, if you are thinking of buying now really is a great the time.
Are you going to be taking advantage of this tax credit? Do you think it’s helped the Austin real estate market? As always, I welcome your comments or questions below.
Written by Jim MorelliREMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
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