First-time home buyers have been scrambling to get their homes purchased before the first-time home buyer tax credit expires on November 30th, 2009. According to CNNMoney.com FHA Loans continue to be popular for buyers.
80% of First-time Home Buyers have used FHA Financing
FHA loans continue to be a popular choice. With only 3.5% required as a down payment, FHA is the easiest way for first-time buyers to purchase.
So far this year, FHA loans have made up 23% of all loans, compared to 2% only three years ago.
80% of all first-time home buyers have opted for FHA as their financing of choice.
With the subprime market gone, FHA caters to those with less-than-perfect credit and those who don’t have a 20% down payment. Despite the downside of FHA, such as higher delinquency and foreclosure rates than conventional loans, FHA has played a major part in bolstering the troubled housing market this year by making homeownership more affordable to enter. FHA is taking several measures to address the risk associated with its loans and currently has no concerns about its financial position.
If you are interested in learning more about First-time home buyer programs, please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email us info@teambaranowski.com.
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