Groundhog day!
Today is Groundhog day and we will learn if the winter blahs will continue or go the way of the dodo.
February is also the month when Real Estate in our area starts to kick into high gear. New listings have increased from just one or two a day to ten or more. The overall market is still short of inventory and homes that are listed and well priced are selling! Today I presented an offer on a property for one of my clients and there were a total of five offers being presented on the same property.
February is also a good time to be thinking of building. There is a good supply of building lots on the market priced from $32,000 to well over $150,000. Sized all the way to several acres many with excellent views. Of special note is a subdivision of 20 acre parcels with utilities at the road. Prices are generally from the $60,000's to about $100,000.
posted by Perrin at 10:58 AM
2 Comments:
My wife and I are interested in buying. Wew are currently renting at about $850 per mo. What kind of a down payment is required? Also why do we have to buy mortgage insurance?We already have insurance.
6:33 AM
Downpayment is a trickey question. With fairly good credit you can even go with no down (VA works too). So typically your down will be somewhere between 5% of purchase to as high as you want to go... though 20% down is the customary cap. MIP or Mortgage Insurance Premium is an insurance that lenders require when you have less than 20% down. It is a way of insuring the loan against loss in the event of default. With good credit many people can go with a 100% finance option and avoid MIP. So there are lots of options and each case is different!
3:29 PM
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