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!
from LaneBailey.com
Well if that doesn't get the buyers out what will? Great loans and low prices.
Lane,
This is some great information to be sending out. Thank you for the check list sir. Just one more check make to go!!
Said it before... love the new picture!
I hope the lower rate will get the buyers out. They still need to have cash for down payment and closing costs . I hope we will find some of them. Good luck.
Lane - this started with Bill Gross of PIMCO making that comment on CNBC early this week when asked if people should refinance now or wait. He said that he thought the FED would push rates down 1/2 to 1 point lower than it was at the time.
The problem I see with this is that it puts people in a waiting cycle to see if ti happes. What if it doesn't. THey may miss out on 5.5 percent financing waiting for something that was just a rumor from a guy who may have said it to benefit his company.
Terry - I think that there are some pretty good opportunities...
Don - Even without that last check, the rates are pretty low.
Susie - Thank you.
Gita - We'll see what happens with the rates.
Larry - Apparently it has the T-men thinking about it. They have confirmed that it is a plan they are considering.