Everyone has their reason why they want to be a homeowner. For some it is a stable place to call home. For others it is an investment in their future. Since the $8,000 first time home buyer tax expired many would be home buyers are having a hard time to find the justification for buying a home. They are thinking that prices may go down or that the economy will slip back into recession. Well I am here to give 2.75 simple reasons on why you should buy now and I mean right now today.
1. On October 4th 2010 FHA is raising it's monthly mortgage insurance. What the heck is that? Any loan that has less than 20% down payment charges you the borrower a monthly premium to purchase mortgage insurance and FHA is raising the rate on all loans after October 4th. This change will cost you the new home buyer anywhere from $35 to $75 more dollars per month.
2. FHA mortgages are at there lowest fixed rates ever. I did say ever? If you are like most first time buyers you will probably only stay in your home for 5 years or less? So why not get an FHA 5 year ARM. The Rate is fixed for 5 years and you want to know what the rate is? You guessed it 2.75%. Now I know what you are going to say, "what if we stay longer" After the 5 years the rate can only go up 1 point per year. After living in your home for 7 years your max interest rate would be 4.75%.
and now the .75 reason to buy today and it is a very simple reason. There are a lot of awesome homes available. But to make it even better, you won't have to fight every tax rebate wanting buyer away from you favorite home like it was in April.
Below you will find links to all of the best homes in Johnson County Kansas and the Kansas City Metro Area, Click the link, find a great home then call Michael Russell at 913-735-7104 to see all of the best homes.
Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com or www.SearchjocoHomes.com