subject: Own A New St. Charles Condo [print this page] Purchasing a condo is very doable for most people looking to purchase a new home. The prospect of buying your own home can be overwhelming, but rest assuredits easy once you do a little research and know the facts! Here are a few reasons why buying is so easy, and makes sense for most people today vs. renting!
1. Interest Rates have not been this low in a lifetime!
Financing is unusually affordable today, because rates havent been this low in 39 years! Thats a lifetime for some of us! And youll probably never see interest rates this low again!
30-year Fixed Rate Loans can be found as low as 4.25%! When you compare a $100,000 loan at 4.25% vs. 6.0%, you will be saving almost $1,300 annually and nearly $40,000 over the life of the loan!
2. FHA Loans only require 3.5% down payment!
Its simple! With a Federal Housing Administration (FHA) loan, you only need 3.5% of the purchase price as a down payment. Rates are a tad bit higher, but FHA loans will allow you to get into the home you love today, vs. waiting until you save a huge down payment. In the long run, youll be ahead of the game.
Almost anyone can qualify for an FHA loan. You dont have to be a first-time home buyer. And there are no income limits like you may find with first time home buyer programs. To qualify, youll need to have reasonable debt to income ratios. In addition, you have to have decent credit. You dont need wonderful credit to get an FHA loan; it just needs to be decent.
Interested in more details regarding FHA loans? Check out this site:
http://www.hud.gov/buying/loans.cfm
All of the St. Louis-area Mills Properties condos are FHA approved! More and more buyers today are finding that buying a condo is an easy process and home-ownership is a great investment. When you are ready to proceed with your purchase, just make sure to contact a reputable loan officer who has experience with condos.
