Guest post from Darel Ansley, Mortgage Lender, at Peoples Bank in Wenatchee:
Just about everything is in place to stimulate the housing markets, prices and rates are lower, and banks have money to lend. I think the only problem is the media has the potential buyers scared to come out of their bomb shelters to see if the coast is clear.
Here are a couple ideas to share with past prospects who never bought:
FHA rates are down to 4.875%, the buyer just needs 3.5% down, but that can come from a relative. The loan limits are $342,700 in Chelan/Douglas and $271,050 in Okanogan/Grant counties.
For an amazing deal, if a buyer will move into one unit of a duplex, triplex or 4-plex, the hole thing is considered owner-occupied, they can count the other rents towards their income, and they only need 3.5% down. Loan limits for a duplex are $438,700 in Chelan/Douglas and $419,425 in Okanogan Grant, and much higher for 3 and 4 plex.
With Today's rates and prices, I'll bet the 3 or 4 plex rents would almost completely cover the buyers mortgage payment.
Let's get the word out to the consumers ourselves, because the press isn't going to do it for us.