Something leaked… We don’t know who leaked it, but there is a plan being considered by the Treasury Department to give a boost to home sales. Basically, the plan is for the Treasury to push rates down to a target 4.5% for a 30 year fixed mortgage.
From what I am reading around the internet, it would only be for purchases of new or existing homes, not for refis of current loans.
So, let’s do a little stacking here…
- Ken over at Novation has some 95/5 programs available… so, 100% financing – check
- The government is offering a $7500 refundable tax credit for first time home buyers… so, cash for expenses – check
- Treasury floating the idea of 4.5% 30 year fixed mortgages… so, butt-kickin’ mortgage rate – almost check
- I have come across some properties that are offering closing cost money for owner/occupants… so, closing costs paid to reduce cash at closing – check
- I am finding properties in Lilburn and the surrounding areas that are well below comps… so, well priced deals – check
Now, we don’t know that the Treasury going to work out the 4.5% mortgage deals yet, but we have everything else checked off… and if the 4.5% mortgages DO come through, the best deals are going to disappear even faster. Already I am seeing good deals go under contract is a couple of weeks or less.
So, if you are thinking of buying a home, especially if you are a first time home buyer, we might be hitting a great season to do just that.
Give me a call and let’s start your home search. Ken can get you qualified and we can get you into a home before the Superbowl… maybe even in time for a New Year’s Party!