FHA buyers have enjoyed a great year in 2012, especially when it comes to buying homes in Orange County. Thanks to historically low interest rates, they have been able to stretch their money further and get great deals on the homes of their dreams.
FHA Buyers Vs. Cash Buyers
Cash buyers have been a major competitor for homebuyers in 2012, especially for FHA buyers. As we approach the end of 2012 many FHA buyers have been thinking that it might be a better idea for them to “sit on the fence” and wait.
Why FHA Buyers Can’t Wait
Even though interest rates are still historically low, that doesn’t mean that they will be as low in a year from now.
For example: In today’s marketplace, an FHA buyer could qualify for a 4%, $400,000 FHA loan but, in one year, interest rates could go up one point to 5% and the average FHA buyer could find themselves paying $200/mo. more for the same home.
Getting Started With FHA Loans
If you want to get an FHA loan and use that loan to buy a home in the Orange County area, the first thing to do is contact a broker or lender who has been FHA approved. Once you find the right lender to work with you will have to be ready to present a down payment of at least 3.5 percent.
FHA loans are an excellent opportunity for all home buyers in today’s real estate market. This is especially true for home buyers who may have had a past bankruptcy or foreclosure, they can get an FHA loan and enjoy the benefits of home ownership once again.
You Need A Top Orange County Realtor
The key to success for FHA buyers to find the home that’s right for them in today’s real estate market is to hire a top Orange County real estate agent who is assertive, caring and will work hard for them to help find the home that’s right for them.
To speak with the team of top Orange County realtors at Fred Sed & Associates call us today for a free appointment at (949) 272-1025