Here is some good news that was printed in the Standard-Speaker (Hazleton, PA) earlier this week. It is anecdotal evidence that things are not as bad as some would think, as long as you live in a market where housing prices have not taken a severe hit.
The article points out what I have been saying for some time now: This is the best time to buy a home or investment property, because prices and interest rates are low and money is available from many lenders.
There is plenty of money to lend. People hear a lot in the press that money is tight, and there's no money to lend, when the opposite is true. There are a lot of loan products that open the door for people to get into a property. That seems like a good reason to trust a broker to find the best available product for you.
Despite the failure of the Fannie Mae and Freddie Mac federal loan programs, there are more government loan programs still in place. We are seeing a lot more FHA (Federal Housing Administration) programs, along with a surge in loans guaranteed by the Veterans Administration (VA). Both of these programs had fallen out of favor in years past, but are now the only options for a lot of folks with spotty credit or limited down payment.
One of those government programs is the U.S. Department of Agriculture Rural Development guaranteed housing loan program. This type of loan provides many benefits to the prospective home buyer: up to 100% financing for the and no mortgage insurance required.
Just keep thinking positive: It's a great time to buy a home. Rates are low, prices are low, and there's a lot of good homes on the market.
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