Atlanta real estate is a bargain right now. Getting approved for an FHA loan in Atlanta is easy right now. Buy your home now around Atlanta, and you get free money from the Federal and State Governments.
It’s a great time to buy. But things could get tighter in a hurry. Here’s why:
- A bill has been introduced in Congress that would increase the minimum down payment on a home from 3.5%, where it stands currently, to 5%. Remember, last year Congress raised the required down payment from 3% (or 2.25% in most cases) to 3.5%. So, precedent for making FHA lending more restrictive is there. And think about what that proposed increase would mean for you. Buying a $200,000 dollar home in north Fulton county would increase your down payment from $7,000 currently, to $10,000. Can you come up with an extra three grand easily?
- Another reason that you should move fast to buy your home around Atlanta, with the ease of an FHA loan is a little more difficult to pinpoint. You see, there has been a LOT of news swirling around HUD and the losses or threat of losses that FHA has. And, when a government program suffers losses, well, often Congress over-reacts and tightens and regulates a bit too much, too quickly. For example, this article on Bloomberg today talks about FHA potentially needing a $54 billion bailout withing 2-3 years. Changes are afoot. You want to act quickly and secure optimal financing for your Atlanta area FHA home loan.
- And, the news that you as a reader of this blog already know; the $8000 tax credit for first time home buyers is set to expire on November 30. There is talk of extending the tax credit beyond the Nov. 30 deadline, but so far that is only talk. The sure thing is to act quickly.
Three good reasons to move quickly, if you are considering buying a home around Atlanta.
*This is not an offer to lend. 
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