News / Finance
Home Buyers Get a Break From Capitol Hill
Why today's real estate market can be an opportunity for first time homebuyers.
The Housing and Economic Recovery Act of 2008 is a sweeping $300 Billion rescue plan to help homeowners and the sluggish housing market. "If you are purchasing your first home or selling and buying, rates are one percent away from the all-time record low of June, 2003. Take advantage of this time and attend our home buyers workshop that covers everything from How To Buy At Foreclosure Prices, FHA Loans, Your Credit Report, 10 Things You Should Know That Your Loan Officer May Not Tell you, How To Make Your Realtor® Work For You, Tax Strategies, and more," reports Fred Solomon president of Solomon Financial.
If you've been on the fence about buying a home in today's real estate market, now is the time to take advantage of a temporary tax credit of up to $7,500 specifically designed for first-time home buyers. Do not miss this great opportunity.
In Solomon's Cost of Opportunity Lost analysis from his book, Put Your Money Where Your House Is, he illustrates the following:
Cost of Ownership if Prices Are Higher and Rates Are Lower
$500,000 Jane’s Purchase Price
$100,000 Down Payment
$400,000 Mortgage loan
$2,462.87 6.25% 30 yr fixed Rate
$485 Property Taxes
$65 Homeowner’s Insurance
$3,012.87 – Total Monthly Payment
Cost of Ownership if Prices Are Lower and Rates Are Higher
$450,000 Tom’s Purchase price
$90,000 Down payment
$360,000 Mortgage Loan
$2,579.08 7.75% 30 yr fixed rate
$430 Property Taxes
$60 Homeowner’s Insurance
$3,069.08—Total Monthly Payment
As you can see from these illustrations, it would cost $56.21 more per month to buy Tom’s home versus Jane’s home.
Thinking about buying? You can put three percent down on an FHA loan up to $729,750 up until the end of the year (in certain areas). Starting January 1, 2009, that amount will decrease to $625,500.
Fred and Lisa Solomon, radio show hosts of the Solomon Free Money Hour broadcast.
For more information, contact:
Solomon Financial Education Division
AAA Better Business Bureau Rated
Fred Solomon / Radio Show Host, Financial Advisor, Realtor® Network
Direct Line: (800) 811-7709
If you've been on the fence about buying a home in today's real estate market, now is the time to take advantage of a temporary tax credit of up to $7,500 specifically designed for first-time home buyers. Do not miss this great opportunity.
In Solomon's Cost of Opportunity Lost analysis from his book, Put Your Money Where Your House Is, he illustrates the following:
Cost of Ownership if Prices Are Higher and Rates Are Lower
$500,000 Jane’s Purchase Price
$100,000 Down Payment
$400,000 Mortgage loan
$2,462.87 6.25% 30 yr fixed Rate
$485 Property Taxes
$65 Homeowner’s Insurance
$3,012.87 – Total Monthly Payment
Cost of Ownership if Prices Are Lower and Rates Are Higher
$450,000 Tom’s Purchase price
$90,000 Down payment
$360,000 Mortgage Loan
$2,579.08 7.75% 30 yr fixed rate
$430 Property Taxes
$60 Homeowner’s Insurance
$3,069.08—Total Monthly Payment
As you can see from these illustrations, it would cost $56.21 more per month to buy Tom’s home versus Jane’s home.
Thinking about buying? You can put three percent down on an FHA loan up to $729,750 up until the end of the year (in certain areas). Starting January 1, 2009, that amount will decrease to $625,500.
Fred and Lisa Solomon, radio show hosts of the Solomon Free Money Hour broadcast.
To get a free consultation, attend a free Home Buyer Webinar Workshop from the comfort of your computer / pre-qualification, e-mail Solomon Financial or go to http://freemoneyhour.com/prequal.php
For more information, contact:
Solomon Financial Education Division
AAA Better Business Bureau Rated
Fred Solomon / Radio Show Host, Financial Advisor, Realtor® Network
Direct Line: (800) 811-7709
