Buy a House Fast

What you need to know before you go home-shopping

Buying a home is probably one of the most significant, if not biggest, purchases that a person makes. And it isn’t always that easy to come to a decision. People often respond to this question with a “We’ll buy one when we have the money” or “We’ll think of investing in one when the time is right.”

Let’s face facts – waiting to save pots of gold before you even contemplate buying a house, is like asking your children to give up on school till you have the resources to educate them. Time is often an important consideration, however, the right time comes when you recognize your opportunity and act upon it.

Myth #2

It’s a bad time to buy a house.

Fact

Quite the contrary is true. In this economy, foreclosures have increased to record levels leaving more supply than demand. House prices have fallen at an alarming pace; and fixed-rate mortgages have reached a historical low.

That’s good news for new home buyers, who find it easier to make stable payments over a period of time.

First-time home buyers can also sigh in relief, thanks to the Housing and Economic Recovery Act of 2008. What’s more, if you qualify for the FHA (Federal Housing Administration) mortgage insurance or loans, your down payments and rate of interest may decrease even further.

All of these factors make it a buyers’ market, proving to be one of the best times to consider home ownership. You definitely can look at it as an asset or an investment for the future.

What can you do?

Buying a home is a big step. And often that, in itself, scares people away. It does get difficult for prospective home buyers to gauge a market by themselves. If guided well, people are often pleasantly surprised at what they CAN actually afford. At Express Realty Services, we believe that every individual deserves to live in a beautiful home. We have in-house experts who have a unique understanding of this market, and are available to guide and assist you.

One quick call to us, and we can provide you with vital information to support you through the processes, and help you seal the deal. Just call Express Realty Services at 1-877-9-EXPRESS (1-877-939-7377) and see which home is waiting for you!

Want to dispel more myths? Check out the other blogs in this series: Myth 1; Myth 3; Myth 4

If you live in D.C. or some other suburbs near the District, you may prefer to buy a condo for your first home. Depending on your lifestyle, a condo could continue to be a great housing choice. Financing a condo can be challenging though, especially if you hope to obtain an FHA mortgage. But some new rules issued over the past few months could make it easier until December 31, 2010.

For years, FHA was viewed as a low income option, so many condo buildings did not seek the FHA-approval necessary to allow this type of loan because they did not want to cheapen their image. Now that FHA has become the financing tool of choice for many buyers in all price brackets, it’s time for condo associations to change their way of looking at things – especially as some condos have high vacancy rates due to foreclosures. New federal rules have opened the door for condos to decrease vacancy rates through more accessible financing.

Old Rule:

FHA would not approve mortgages until half of the units in new developments were sold.

New Rule:

Now only 30% of the units have to be sold before FHA mortgages will be issued.

Old Rule:

FHA mortgage concentration could not exceed 30%.

New Rule:

Per mortgagee letter (2009-46 A) issued 11/9/2009, 100% of the building can be FHA-financed under certain circumstances.

Old Rule:

50% of building must be owner-occupied.

New Rule:

Foreclosed (and thereby vacant) properties are excluded from the equation.

You can read all the changes about FHA condo financing here.  If you are interested in buying a condo, or have any questions about the new rules, contact Express Realty Services today. We can show you the best properties in DC, Maryland, and Virginia, and help you make one yours today.