Overland Park KS Homes for sale & Johnson County Real Estate Blog: Do you need a 20% down payment to buy a home in Johnson County Kansas?

Do you need a 20% down payment to buy a home in Johnson County Kansas?

There is a lot of confusion out there about the current real estate market. The news has dragged the entire market through the mud for over a year now. A lot of people are confused about many things when it comes to buying a home these days. Some of the assumptions are:

Q. Do I need 20% down payment to buy a house?

A. NO

While the ability to put 20% down is a good thing, it is not necessary. FHA mortgages only require a 3.5% down payment. Not only that FHA loans are available to buyers with less than stellar credit scores.

Q. The banks have no money to lend?

A. FALSE

Once again false. The banks have plenty of money to lend, they have enacted tougher standards but they have plenty of money. What do you think the Treasury Department has been doing with the 700 Billion?

Q. I have been told now is not a good time to buy?

A. FALSE AGAIN

I can give you 5 great reason why now is a great time to buy.

  1. Interest rates are their lowest ever. (below 5% today)
  2. Inventory of homes is high
  3. a $7500 tax credit for first time home buyers (Expires 6-30-09)
  4. Many Sellers are desperate and will negotiate accordingly
  5. Foreclosures & Short sales can be incredible deals

If you don't believe me ask Dave Ramsey or Suzie Orman or Donald Trump or Jim Cramer, all have said now is the best time to buy a home.

So what's the next step?

Click Here and start your home search

Overland Park Property Search

copyright 2008 The Russell Home Team www.SearchjocoHomes.com 913-681-1383

 

 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

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Comment balloon 0 commentsMike Russell • December 17 2008 02:00PM

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