1.$8,000 Tax Credit Has Been Extended
The $8,000 First-Time Home Buying Tax Credit is now extended through April 30th, 2010. Plus, the program has been expanded to include repeat buyers (current owners) too — giving those who qualify up to $6,500! This is not a loan (unless you stay in the house for less than three years). Lastly, in order to qualify, the house you purchase must be a main residence and not an investment property you intend to rent out. 

For more information and a complete "Q&A", please visit FederalHousingTaxCredit.com or contact us at (360)312-5151.

2. ZERO Down Financing through USDA Rural Development Loan
In 2008, most if not all lenders did away with all ZERO down loan programs. This can make buying a house for the first time home buyer very difficult. The good news is that the ZERO down program is back and better than ever! Most homes outside of Bellingham’s city limits qualify in Whatcom County. There are some income restrictions for this loan so you will need to speak with a lender to find out if you qualify. The best part is, that you won’t have to pay any PMI (private mortgage insurance)!

3. Historically Low Interest Rates
It's not just the price of the home that will affect affordability; mortgage terms will also play a large part in your monthly payments. Today, mortgage rates are historically low at around only 5%.

4. Affordability
Affordability is now better than ever! With all the motivated sellers, foreclosures, and short sales in this market, home prices are continuing to drop. In fact, according to the National Association of Realtors' housing affordability index, homes were more affordable in
December 2008 than at any other point since the group started the index in 1970.

5. Large Inventory
In this market it can take months for a homeowner to sell, creating loads of inventory — from new homes to existing homes to foreclosures. A large selection gives buyers more choices and drives down prices. It's fair to say that home sellers have become increasingly motivated and buyers can take advantage.  

For more information on any of the above, please contact us at (360)312-5151 or by filling out the form below.