Today’s market offers many advantages to potential home buyers. Low interest rates, low housing prices, purchase incentives and more make now an ideal time to purchase a home, especially for those who do not have a lot of money to put toward a down payment or monthly mortgage payment.

Take Advantage of Low Rates and Low Home Prices

Currently, mortgage rates are still pretty low. A low interest rate not only lowers monthly mortgage payments, but also can save homeowners thousands of dollars in interest over the life of the loan. But due to recent actions by the Federal Government, rates will not stay low for long, which means those who are considering buying a home should act soon to secure a low interest rate.

Due to the struggling economy and other factors, home values have significantly dropped in some areas. But like interest rates, the housing market fluctuates, and home prices will not always remain this low. Low mortgage rates and home prices provide borrowers with a unique opportunity to purchase a home and save money.

It is also not too late to use the Home Buyer’s Tax Credit. As long as the purchase contract is in place by the April 30th deadline and the purchase closes by June 30th, home buyers can still receive the tax credit. The tax credit is equal to 10% of the home’s purchase price or up to $8000 for first-time home buyers and up to $6500 for existing homeowners. This incentive is even more reason to start your house search today!

Financing with a VA Loan Eases the Home Buying Process

In addition to the many great reasons to buy a home now, those who qualify for VA loan financing can have an even more beneficial home buying experience. Not only do these borrowers have the opportunity to secure a low purchase price and a low interest rate, they will also not have to make a down payment if they finance with a VA loan. The absence of a down payment is one less out-of-pocket expense that a new homeowner would typically have when buying a home. VA loans also do not require mortgage insurance, so the borrower will save even more money after the loan is closed and he or she begins making monthly payments.

The eligibility requirements for this loan are less stringent than on other home loans, which makes it easier for applicants to qualify. Borrowers who thought they could never qualify for financing could still qualify for a VA loan despite an imperfect credit history or low income. The applicant will just have to show he or she has a clean credit history of at least twelve months and meet a few other income requirements.

Began Your House Search Now!

This is the perfect time to take advantage of low rates and home prices, as well as the tax credit, to save money. Many people dream of buying a home, but do not think it is possible due to troubled finances. But current market conditions and the benefits of a VA loan can make that dream possible for both veterans and individuals in the military. Don’t hesitate to make the most of what the current housing market has to offer!

Author Bio: Victoria Belle-Miller is the newest member of the VeteransLoans.com writing staff. Her background in journalistic writing and ability to evaluate the issues that Americans face in daily life make her a strong addition to the VA loans team and a valuable source of sound mortgage advice.

Category: Finances
Keywords: VA loans, veterans, active duty, military, mortgages, home loans, interest rates, tax credit