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You will need a couple years on the job with secure income to qualify for your loan. Knowing that you want to be in the area and in what city is important as well. It takes about 8% of appreciation to break even when you move. In our area that can be about 2 years.
Sept 2020: Interest rates are at or near 3%. This is unbelievable. The average interest rate over time is about 7% and the high was near 20%.
Sept 2020: Home prices today may seem out of reach but we really don't see any significant pull back of prices any time soon. We have seen an average of about 10% per year increase in prices over the past 5 years. There just isn't enough inventory of homes on the market.
Qualifying for a loan is based on income, down payment and credit score. For decades, a lot of people have found that they have to move a little out of their area to afford a home. The extra drive is easy because you love your home and it is appreciating in value.
Down Payment requirements are all over the board. From ZERO to 20% down. One low option is an FHA loan with a 3.5% down payment.
There are programs from the federal and state governments the will either loan the down payment or give it to you as a "No Payback" grant.
After a short Buyer interview, we will explore all the options available to you. Learn winning strategies about finding the best loan, property searches and negotiations.