Buy a $150K home for $228/mo P&I 1st year...

If you have not OWNED a home in the last 3 years... or know someone else that fits that situation...

Wouldn't it be great to buy one THIS MONTH for just $228/mo net cost to you, P&I, the first year?

But, Donna.... HOW can I do that?

It's the $8,000 tax credit! If you purchase a home now for $150,000 on an FHA loan, the down payment will be $5,250. Yes, you need the down payment. If you can't save that, it's not time to do this in your life... But if you CAN.... Your mortgage would likely be pretty close to the $150K after you finance in the mortgage insurance, so let's assume a $150K loan at 6% interest for 30 years... That is about $895/mo P&I plus taxes and homeowners insurance... That is a FIXED rate and the amount you'll pay each month. NOT a bad monthly payment, is it?? BUT... what if you had a "kitty" that would give you $667 towards that each month the first year?? That would leave you a net cost of $228/mo P&I!

So... how does that work?

IF you close on a home BEFORE December 1st this year (which means you need to be under contract by about mid-October) then the US Government will give you $8,000 back as a tax credit on taxes you paid last year.... as long as you pay at least that in taxes! So.... if you got that full $8000 and divided that by 1 year of payments, and put that toward your payment each month... it would be about $667/mo. --- So, your net P&I would be only $228/mo on that first year! (And if you are in Georgia, the state will also give you $1800 tax credit over the next 3 years!)

Year 2-30 you'd pay the full $895 P&I, however, remember.... you got it at THIS year's interest rate, not NEXT YEAR's... and rates are going UP right now! Did you know rates have gone up a FULL % the last few weeks? Some lenders are predicting 8% by year end. THE TIME IS NOW...

The real questions is...How can you lose? Buying at TODAY's LOW PRICES and TODAY's LOW RATES... and having the CASH in hand to EASILY handle the monthly payments for the first year. You will NOT over-buy.... the bank is NOT going to let you... You have to QUALIFY for the loan at the full payment... And you DO need to come up with the down payment and closing costs, or work with a great agent to help you find a SELLER to pay your closing costs! Call NOW so I can help you make this a REALITY for your family...