Are you currently renting a home or apartment?

It may be the best time to buy a home for the following reasons… When looking at the affordability index aging back to the early 1900′s, it has never been more affordable to own a home than now. The reason for this is said to stem from the damage of the boom of the early 2000′s brought upon the housing market. The end of the boom brought foreclosures and short sales to be the predominant type of sale in today’s market, thus flooding the housing market bringing down the median price range. On top of lower prices, the government is keeping the interest rates at an all time low making this housing market a “no brainer”. People can literally get “more bang for their buck” in this housing market.

Generally, when it becomes cheaper to own a home than to go out and rent buying a home should be the better alternative. The Rent vs. Own analysis will show you that if you pay $1,800 per month on rent you will be able to buy a home for around $250,000 to keep your payment the same (on the exterior). If you look deeper, you’ll notice that there are other benefits that come with buying a home such as tax benefits, principal being paid, and future appreciation. Therefore, the net payment would be approximately $700-800 lower than renting. Review the analysis and look for yourself.

Click on the image above or the link to access the analysis: http://mcedge.tv/16bgel

Relevant links (Videos) of experts talking about whether this is a good time to buy:

Donald Trump: Why Now Is A Good Time To Buy (Video)

7 Reasons Why Now’s a Good Time To Buy A Home

Is It Finally A Good Time To Buy Again?

Initially, only high-cost areas had the privilege of having their FHA loan limits restored to $729,750, but for case numbers issued on or after November 18th, 2011 the FHA loan limits in effect between January 1, 2011 to September 30, 2011 have been restored. This means that if you or somebody you know is applying to purchase a home and the loan amount is between $355,350 and $500,000 an FHA loan can be utilized. It’s almost imperative for these loan limits to be restored due to the affect that was noticed after seeing the negative impact that the October 1st loan limits had on the high-cost areas. It’s said by many economical experts that these higher loan limits is essential to helping the Inland Empire’s housing market regain stability by helping more buyers qualify for FHA financing.

It’s important to note that loan amounts between $417,000 and $500,000 (in San Bernardino and Riverside Counties) and up to $729,750 in high-cost areas, are considered High Balance which will trigger certain adjustments to the interest rate. These restored loan limits will be extended through December 13, 2013.

Max FHA Loan Limits for Local Counties

San Bernardino and Riverside County – $500,000

Los Angeles and Orange County – $729,750

Full charts listing all the county’s FHA loan limits

[toggle title="High Cost Areas"]High Cost Area Loan Limit Chart[/toggle]

[toggle title="Areas that are between the floor and Ceiling"]Floor-Ceiing Loan Limit Chart[/toggle]

I will end this blog by saying that you do not have to be a first-time home buyer to qualify for an FHA loan. FHA requires a minimum of 3.5% down payment and it currently offers some of the lowest interest rates on the market. If you would like to compare an FHA loan with a low down payment Conventional loan call me today and I will prepare a detailed analysis that will show you everything you need to know to make an educated decision.