Reasons To Buy A House In 2016

Dated: 01/16/2016

Views: 417

Realtor.com just posted a great article about the reasons why 2016 may be YOUR year to finally purchase your first home, or find the home of your dreams!

1. Interest Rates are Still at Record Lows. A 30-year fixed mortgage rate is still hovering around 4%!

2. Rents Have Skyrocketed. The increase in rent prices is not proportional to, and exceeds, the increase in housing values.

3. Home Prices are Stabilizing.

4. Down Payments Don't Need to Break the Bank. There are a variety of mortgage options available in this market, as long as your credit score is up to par. USDA loans can require a 0% down payment! Or, the Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment if your credit score is above a 620!

5. Mortgage Insurance is a Deal, Too. For FHA loans, mortgage insurance is required in case of default. The fees are lowering from 1.35% to 0.8%, and are expected to bring 250,000 new home owners into the market.

6. You'll reap major tax breaks. Unless you buy a million-dollar home, all of the interest on your mortgage is tax-deductible!


For the complete article, please visit Realtor.com by clicking on this sentence.

Blog author image

Steve Humphries

Steve Humphries, Broker & Co-Owner of EXIT Realty Champions, has been in the real estate business since 2004. Collaborating in business and life with his wife and fellow broker, Deirdre Lucey-Humphrie....

Latest Blog Posts

The 1 Reason It Is Difficult To Find Your Dream Home

The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation

Read More

Four Tips For Selling Your Central Florida Home In A Hurry

Four Tips for Selling Your Central Florida Home in a Hurry.One of the good things about the Kissimmee real estate market, if you are a homeowner, is thatthere is always someone looking to buy. Even

Read More

A REAL STEAL BALMORAL RESORT TOWNHOME IN THE DISNEY AREA FLORIDA

  Resort Style Living in this beautiful 2 story fully furnished townhouse on the private, gated  Balmoral community on Hwy 27 close to Legoland and easy access to the

Read More

Choosing Your First Home

Can I Afford the House I want?One mistake young homeowners make is overextending themselves on the price of a house. They can look at what a monthly mortgage payment can be and decide that if they

Read More