If you have a good credit score, say a FICO above 680, and have enough cash on hand to provide a 10% deposit on the home of your choice, now is the best time in years to purchase your new home! Interest rates are back down, with a person meeting the above criteria able to get a rate of 6.2% or better. At the same time, home prices are reaching downward, with large inventories of houses for sale on the market.

If you have less that a 680 score, the rate will be higher, even with a 10% deposit, but still good… if you have a score below 640, there is no possibility of 100% financing these days at anywhere near these rates… averages for this month show rates above 8% for 100% financing combo loans (80/20, etc.)

If you are a real estate investor, things could be very good for buying, although the lenders are getting tighter on what they are willing to do for an investor. If you have a track record of success, it is a good time to buy… if not, you might find money a bit pricey right now.

So, for you folks out there who have managed your credit well, and have some savings, this is the best time to buy in years. Contact us to find out more details specific to your circumstances.