The housing market has never looked better for potential home buyers. Mortgage rates have fallen to an all time low, sinking to 4.42 percent on 30-year loans for the week ending Aug. 19 -- the lowest it's been in 40 years, according to the National Association of Realtors. What's more, the VA Home Loan -- a loan made by private lenders to eligible members of the military and veterans, with loan limits starting at $417,000 -- can help subsidize the price a home for military families. So, if you're looking to buy a home, now is the time.
Here are five more smart reasons to buy a home now, according to Forsalebyowner.com:
1.) Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's low rates, they build equity the moment they close. This means they'll absorb less closing costs associated with the purchase of their new home.
2.) Houses are in move-in condition. Homeowners who have spent a lot to maintain and repair their homes, are finally putting them on the market. In the past they were trying to wait out the recession, but now a glut of well-maintained homes are available, which stands in stark contrast to run-down or trashed fixer-uppers on the market.
Many foreclosures have been purchased over the last two years. This gives potential homebuyers the opportunity to purchase the desirable home they've been waiting for, and at a reasonable price.
3.) Terrific houses are coming on the market.
4.) Appraisal regulations are finally aligned with market realities. Fannie Mae adjusted its appraisal guidelines this year. This gives appraisers more flexibility to set values that reflect the current market and today's deals.
5.) Plenty of programs. Thanks to last year's recession, homes are more affordable than they have been in years past. Additionally, there are several programs available to military families that encourage homeownership. For example the Homeowners Assistance Program for military families, helps military families buy or sell homes in the event of a permanent change of station. Military families will also receive an $8,000 tax credit if they buy a new home this year. And the VA Home Loan helps military families get great homes at low rates. For more information about these programs, visit Military.com's Home Buying guide.
Buying a home is considered to be one of the best investments you'll make in your lifetime. And there are several programs and loans available to the military community that will help you get the home you deserve. Visit Military.com's Finance channel for more information.