Maine Buyer’s Market just got more Buyer Friendly

by Martin Macisso Jr

Well as Uncle Sam keeps the petal to the metal on the Money Printing Press in Washington, one group of people are continuing to benefit from the Housing Crisis: First Time Homebuyers.

Eligible 1st time homebuyers in Maine will now qualify for an additional $5000 in cash (free with no catches) that may be used for funds going towards down payment, closing costs and prepaids. This is unprecedented and may literally translate to a buyer paying $0, zilch, nada out of pocket at the loan closing.

Even with the collapse of the secondary market for mortgages that lead to the elimination of 100% financing loans, 1st time buyers are still able to qualify for low down payment programs through the Federal Housing Admin. (FHA) or USDA Rural Development.

Foreclosure crisis has gotten the US into this mess, and it appears that the government intends it to get us out of the mess. Foreclosure sales are skyrocketing and a prospective homebuyer interested in a rock bottom deal may be looking at a distressed property. Foreclosures will typically require some TLC as they are usually in rough physical condition, but the FHA 203K loan is a REHAB loan that will allow the buyer to roll the costs of repairs to be made on the house into the loan.

This is definitely a silver lining to an otherwise bleak economy and these government sposored tax incentives, coupled with cheap home prices give qualified buyers more reason to get into the market.


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