Stop the time machine. I want to get off…and buy a new home. A quick browse through the ARMLS is more like a taking a trip back to 1995 than shopping for a home in the 21st century. Several three and four bedroom single family homes recently built in the Queen Creek area are currently listed for less than $70K, with dozens of similar homes in this suburban Phoenix area listed at under $100K. For buyers that were priced out of the market a few years ago, these listings are a dream come true. Even in today’s lending market, 100% financing may be available as long as both the buyer and the property qualify for the program, so many first time home buyers are able to take advantage of low prices in this bizarre market with little to no cash out of pocket.
Another recent shift in the lending market is an increased awareness of the FHA 203K program, which allows for financing of repairs, upgrades and remodeling along with the purchase or refinance of a home. Homeowners can use the program to refinance into a fixed rate FHA loan, and at the same time fund an addition, new energy efficient appliances, a new roof or HVAC system, or even minor repairs to the home. Home buyers find the program attractive for purchasing bank-owned fixer uppers that may need some cosmetic changes, rehab or repairs. Buyers are able to pick up a home with a mortgage that may be less than they’re currently paying in rent and make any necessary upgrades or repairs with a one-time closing, FHA loan
For more information on these and other home loans and financing programs, please visit LendMeTheMoney.com.