Last week, I covered selling alternatives. This week, I will cover buying alternatives.
There is a misconception out there that it is too hard to buy, or that it has gotten harder to purchase a home due to the downturn in the market. I am here to let you know that this is simply not true. Many folks are relegating themselves to rent without having checked out the facts.
With rates so low right now, you owe it to yourself to at least check out your options. Some of the programs that are available to you are as follows:
- 560 credit: Need six months of reserves plus the down payments. For example, if you have a payment of $1,000 a month, you need to have $6,000 in reserve plus your first months payment.
- 600ish: Some banks have special loans to purchase their REOs even if you don't have the 620 minimum.
These are just two examples. There are many other programs that are available for perspective buyers. There are many loan officers that will evaluate your credit and then advise you on what it will take to get to the initial entry point of being able to buy a home.
By the Numbers
Here are the number of active listings in Lilburn by the numbers. Next week, we will break it down by school district.
August 2012: 291; August 2011: 485
This is down by 40 percent.
Deals of the Week
Parkview foreclosure - three-car garage and updated kitchen for a price you wouldn't believe.
Meadowcreek Investor Dream: 401k got you down? Check out this property with a high cap rate.
Berkmar Finished Basement: So much for so little. Check it out.