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Buying a Connecticut Home in the Fall or Winter

Posted on November 24, 2017 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage

4 Factors fueling home buying this season

 

 

 

When the temperature turns warmer the housing market gets busy with those looking to buy and sell homes, but that doesn’t mean that the Fall/Winter is also not a great time to buy a home. I want to spend some time and go over the reasons that make it a good time to buy a house this coming season.

 

 

  • Interest rates still remain good.  This increases the affordability of mortgages. Allowing borrows to afford more of a house or budget easier because of smaller payments due to low interest rates.

     

  • Mortgage Programs. Although the news speak about how hard it is to get a mortgage there are many low down payment programs that many qualify for. FHA for instance has a 3.5 % down payment requirement but that also be a gift from a close relative like Mom or Dad. USDA and VA have 0% down payment loans. The credit scores for these programs can be as low as 620 or lower in some cases.

     

  • Housing prices. While home prices have come up some from the bottom in 2009 in most areas home prices still remain very low making it an attractive time to buy a home.

     

  • Unemployment. Unemployment numbers have come down dramatically in the last few years compared to the past. This is a great sign that values on a property will increase – thus being a good time to buy.

     

If you have any questions on what you might qualify for you can contact me at:

 

IMG_0114Raney/NMLS#117309
President of Northeast Financial
210 S. Main ST. Middletown, CT
drew@northeast-mortgage.com
860-788-7237