Buy What You Can Afford-

As a Sr. Mortgage Consultant, of course I want to help people achieve the American dream and help them get a loan to buy a home. But… if it means getting them into a risky loan and putting their financial future at stake, I will not do it. I say it pays to make sure you can really afford it. I have adopted the idea of having a budget and living on less than you make. This is the way to ensure you have great financial security and can keep your investment.


Well as we all have ready-seller assisted down payment assistance is ending in a few weeks- so say good bye to Nehemiah and Ameridream- DON'T FORGET ABOUT OTHER GRANT PROGRAMS THAT ARE AVAILABLE...On the flip side focus on the positive of the $7500 tax rebate loan for buyers who purchase a home- This $7500 is an interest free loan that has to be paid back in 15 years at $500 a year- what a GREAT ADVANTAGE to collect the cash upfront to do with what you please- like home modifications and enhancements.


First let me say this document is over 700 pages and has a lot of clarification that needs to be done and interpretation from the associated agencies involved. I will summary a few points:
  • Loan Limits will increase to $625,500 for Fannie and Freddie loan products.
  • First Time Home buyers tax refund will be $7500 which is actually a loan that is paid in $500 increments per year for 15 years.
  • A ban on Down Payment Assistance for FHA Borrowers
  • FHA down payment will go up to 3.5%.
  • Hope for Homeowners- assist people in a foreclosure situation by providing bonds.

I am certain there is more that meets the eye and I will keep you all update as more is decided upon and implemented.

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