Last week, . This week, I will cover buying alternatives.
There is a misconception out there that it is too hard to buy, or that it has gotten harder to purchase a home due to the downturn in the market. I am here to let you know that this is simply not true. Many folks are relegating themselves to rent without having checked out the facts.
With rates so low right now, you owe it to yourself to at least check out your options. Some of the programs that are available to you are as follows:
- 560 credit: Need six months of reserves plus the down payments. For example, if you have a payment of $1000 a month, you need to have $6000 in reserve plus your first months payment.
- 600ish: Some banks have special loans to purchase their REO's even if you don't have the 620 minimum.
These are just two examples. There are many other programs that are available for perspective buyers. There are many loan officers that will evaluate your credit and then advise you on what it will take to get to the initial entry point of being able to buy.
By the Numbers
Snellville August Sales Volume:
August 2012: 7,872,000
August 2011: 13,523,492
That means there are 41.8% fewer homes on the market this year than this time last year.
Next week, I will break down sales by school district for August.
Deals of the Week
Brookwood Gated Foreclosure- Live in the lap of luxury for a price you can afford
Shiloh Foreclosure- finished basement, buy for as little as 3% down.