"There has never been a better time to buy a new home."
The average 30 year fixed mortgage rate since 1945 has been 9%. The rate today is less than 6%. On a $300,000 loan, this lower rate (6% versus 9%) can save $9,000 a year or over $270,000 over the life of the loan!
Searching for the best opportunities from conventional sources and government guaranteed sources, we have identified 30 year fixed interest rate programs:
- Double house – 100% financing available...starting at $1,621 monthly P/I payment.
- Single family – 3.5% down and $2,000 monthly P/I payment
In addition, for homes purchased and closed by year end, the federal government is offering an $8,000 first-time home buyer tax credit. And, local governments are providing down payment assistance programs.
Between the historic low interest rates and government programs, there has never been a better time to buy a new home. And, when the economy starts to recover, interest rates will jump and a once in a life time opportunity will be gone. Don’t miss out!
For more information use our online mortgage calculator to see what impact low interest rates have on what you can afford.
For more information call/text Courtney 970.418.4900
If you already own a home and are concerned about being able to sell it ...
Consider converting your existing home to a rental / investment property. This is a great long-term investment strategy that takes advantage of historic low interest rates on both your new home and your rental/investment property. We have identified programs for home buyers that want to convert their existing home to a rental / investment property, then buy a new home in Wellington.
Congress extends deadline for $8000 tax credit...
The new legislation extends the existing $8,000 first-time homebuyer credit beyond its scheduled Nov. 30 expiration date and into the spring. A $6,500 credit also will be offered to existing homeowners who sell their current property and purchase a primary residence that costs $800,000 or less. To be eligible for the tax break, homebuyers would have to be under contract by April 30, 2010, with closings wrapped up no later than 60 days after that.
Down payment a concern?
There are programs that can help...
If you need some help with your down payment there are low interest, 2nd Mortgage loans available to purchase a primary residence. Borrower must contribute 1% of purchase price or $1000, whichever is greater, of personal funds. Adults in the household are required to attend the free “Home Buyer Class” presented by The Combined Summit Housing Authority prior to closing. An application fee may be required and repayment schedules vary on each program.
Summit Revolving Loan Fund
No interest for first 2 years
Loan amount up to $10,000
3% interest rate for 7 year term
Monthly payments deferred for 2 years
Income limits 81% to 160% of Area Median Income (AMI)
Division of Housing down payment assistance
Loan amount up to $25,000
3% interest rate for 20 year term
Monthly payment
Low Income limit...approx. 75% of AMI
H2O Loan
No interest for first 2 years
Loan amount up to 5% of purchase price
5% equity share on appreciation with 15 year term
Income limit not to exceed 80% AMI
Must be first time homebuyer
CMHC Loan
No interest for first 2 years
Loan amount up to $25,000
5% equity share on appreciation with no monthly payment
Income limits not to exceed 160% AMI
Note: Every program has specific rules and restrictions which vary considerably based upon the home being purchased and the buyer’s unique circumstances. With assistance from experienced, local mortgage lenders we can identify exactly which programs you qualify for and compare which offer the best value. Rates & Payments are approximate and subject to change.
