I just attended a class yesterday on mortgages and how our Presidents' decisions are affecting the housing market. Even though prices are lower than they have been in many years, this is the first time they have actually lowered in this area. It has been several years since I have seen site built houses under $100,000, now there are many. They can only go up from here. Another thing that will be going up is interest rates on your mortgage. If the government gets out of the mortgage business, FHA, MSDA, Rural Development, Fannie Mae and Freddie Mac - what's going to happen to these mortgages? They will have go private. Changes already starting in April 2011 will increase fees. Rural Development in October 2011, to include a monthly insurance premium.
These all add up and will effect your total mortgage as well as monthly payment.
Good news! There are things we can do to help you. The mortgage is just as important as the home you are buying and you need to know what you qualify for before you know what you are looking for. I can help - call me or email me and I will help you find out. Remember I can't help unless you call.
Nancy Sorenson, Cherry Coast Realty