With higher rates some lending institutions are freer with their lending policies, or more willing to take risk to maintain their own ROI. Opening up the opportunities of home ownership to more people could also help boost the economy by giving the housing market the push it has needed. Although it has been on a steady rise since the housing bubble now almost a decade ago, it’s been a slow rebound. Consumers have been cautious about investing, unsure of future market conditions, and rightfully so.
If you’ve been thinking of buying a home and are simply looking for a good motivator, consider this it! Be sure to check out government programs in your state. Popular government programs help buyers with a down payment making home ownership more affordable to more people and allows buyers to put that extra money into more home. The money that can sometimes cover the entire down payment on a home, is in the form of a grant – free money. I can’t think of many individuals who would pass up free money but you’d be surprised how much of the money goes unused. Combined with an FHA Loan if you are a first time home buyer and things get even more affordable for consumers.
What many don’t know is that after 3 years of not owning a home you are considered a first time home buyer again and may qualify for many of the popular government programs. Now is a great time to buy a home. Secure funding prior to the home search to ensure you lock in the lowest rate. To learn more about these and other programs for home buyers visit: Loan Options and Government Grants