Own A $200,000 Home for $392.00 Per Month

Posted on | May 12, 2009 | Written by: Diane Donnelly

There has been absolutely no better time IN HISTORY to buy a home!!! We are making HISTORY! Consider this… You will probably not see another market more conducive to buying a home ever again in your lifetime. Why would you want to wait?

Here are the facts… You can buy a $200,000 home today with an interest rate of 4.875 and a principal and interest payment of $1,058 per month. However, because you are a first time home buyer and are eligible to receive an $8,000 tax credit, you can, in essence, apply the $666.00 credit monthly to effectively pay only $392.00 per month for your first year.*

Second, the inventory today in Anne Arundel county is sitting at a 24 month low at 7.3 months. What does that mean to you? Well, there are plenty of houses to choose from and demand for them, although increasing, is still lower than when the market was booming in 2005.

To purchase a home with an FHA loan, you need only $7,000. Negotiate the balance with the seller.

* When you make your mortgage payments, you will pay the full PITI (Principal, Interest, Taxes and Insurance), but the net effect after applying the $8,000 in your first year will be $392.

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Live Well (And don’t wait to buy - you will miss the boat)!

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