Feb. 14, 2013

Is Now the Time to Jump in to a New Home?

Buying Your Charleston Dream Home According to a recent article in the Wall Street Journal, 2013 may very well be the time to buy.  Housing prices are on the rebound.  The real estate firms confirm the has bottom been reached and buying appears to be attractive.  In 2012 Charleston South Carolina home sales increased over 17% and overall housing inventory dropped by over 24%!  Just as important, Single-Family Detached homes saw median sales price increase of 7%.  Meaning that there’s still time to get a great deal, but demand is going up, supply is going down, and prices are going up!

With interest rates remaining at historic lows, opportunity abounds for first time buyers with little money down and those with good credit and a strong down payment.  However, the strict lending criteria with tougher standards put in place after the financial crisis remain in effect.  

The best rates are afforded to borrowers with a FICO score of 740 or better and a minimum down payment of 20%.  First Time Home Buyers (FHA backed mortgages) can be had with a FICO score of 560 and a down payment as low as 3% giving first time buyers a real boost just in time to Jump In!

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