Long-time readers know that I am generally speaking not a fan of “creative” and “alternative” ways to afford a real estate purchase. I dislike down-payment assistance programs, and have only been involved in one transaction that involved one, ever. As much as I like helping clients buy a new home, I do not want to help people buy something they can’t afford, something that will cause financial heartache later. 

Nevertheless, I present Forbes Magazine’s Creative New Ways to Buy a Home. Some of them are neither creative nor new:  borrow money from a family member; FHA loans (becoming very popular locally, consult your mortgage officer). Don’t forget to watch the slideshow. 

FHA loans are really a deal to consider now. As long as you are planning on living in the home, and are planning on purchasing modestly priced home (look up the limits for your area here),  the FHA has less stringent credit and downpayment requirements. Get all the official information right here. One caveat, the FHA does have rules about the condition of the home to be purchased. Keep that in mind when you are touring properties.

And don’t forget, if you complete your purchase by the end of August and have not owned a home in the last 3 years — this includes first time home buyers — you are eligible for a tax credit over and above the mortgage interest deduction.

I can put you in touch with a mortgage officer who is trained and up-to-date on the most current FHA proceedures, licensed to do business in Nevada or in your state. I can also help you find a home eligible for FHA financing. To learn more, click the Contact Me link in the sidebar, or call me today.

This entry was posted on January 31, 2009 at 10:42 am. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Mortgage and Financing by Bridget Magnus Comments Off