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Renters May Save Money by Owning a Home of Their Own - 2009-07-12
Things are heating up in metro Atlanta, and it's not just the thermometer.

Yes, I've heard all the reasons people use to justify renting. Small cash outlay, no commitment, freedom to move anytime, no repairs, no lawn mowing, no debt. But in times like these, owning your own home deserves a second look.  Here's why:

* If you are paying anywhere near a thousand dollars a month in rent, you may very well be able to save monthly by purchasing.

Today's combination of super low interest rates and soft asking prices are making monthly payments extremely affordable, and we are talking about fixed rate loans here, not the "sucker punch" loans of recent years that got you in the door then kicked you in the teeth.

These loans are fixed for no less than 30 years, so you have the assurance that your monthly payments of principal and interest will never increase over the life of the loan.

* As of January 1, 2009, the FHA loan program was modified to be more attractive to borrowers. You can borrow as much as 96.5 percent of the purchase price of the house you desire, and your interest rate is still almost identical toconventional rates. In addition, FHA loans allow credit scores to be lower and debt ratios to be higher than most conventional loan programs.

That means you can spend less cash on your down payment and save more
for emergencies or rainy days.

* The largest part of your payment in the early years of a real estate loan is interest.  In the first year of payments, the interest portion of your loan payment will account for just over 80 percent of your monthly payment. That interest payment is likely tax deductible, and so is the payment you make for property taxes. That deduction is substantial, and can make your affordable loan even more attractive.

* Finally, if you are a first time home buyer or if you are willing to purchase a qualifying bank-owned home, you may qualify for a federal or state tax credit, up to a combined total of as much as $22,000. Talk with your real estateprofessional for guidance on these programs, but they appear to be generating a lot of interest in homebuying this summer.

Each of these features is helpful, but together they are making for a pick-up in real estate sales activity across the nation. If you have been sitting on the fence or waiting to see if rates or prices would get lower, this may be your call to action. But don't wait too long. The incentive programs are set to expire later this year, and interest rates will likely be higher in the future.

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“The MetroVestAtlanta.com REO Bus Tour”

Get on the bus for a tour of South DeKalb County’s “Real Estate Owned” homes. Each house you visit will be available that day for purchase at a giveaway price, regardless of current condition. Financing is available!

Throughout the day, we will hear from mortgage providers, people in the construction business and property managers all discussing today’s situation with Bank Owned REO properties.

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We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.) 

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