FHA Homes Loans In Stockton and Northern California
Government loans account for a large percentage of home loans for Stockton and Lodi home purchases. Over 59% of real estate purchases rely on government loans such as FHA. These loans are attractive because of their low down payment options. FHA requires a 3.5% down payment. One of the biggest myths in Stockton real estate is that cash buyers are buying up all the real estate and ordinary home buyers can't compete. That's simply not true, cash buyers only account for about 4% of the home purchases in Stockton, Lodi and Northern California.
What does this mean for the average home buyer? It means that there is a wealth of opportunity for the first time home buyer, for a $100,000 purchase that means a $3,500 down payment at a 5.25% interest rate and a payment of $543 principle and interest. In addition the 1st time home buyer is eligible for an $8,000 dollar tax credit plus annual home owner deductions on their IRS 1040 tax return. It's hard to rent a home in Stockton for less than $850 per month. The time is right to buy a home, prices are at an all time low and interest rates are the best they have been in years.
We are ready at the Lilly Real Estate Group at PMZ Real Estate to walk you through the process of buying your 1st home. Contact Hugh Lilly Realtor at 209-479-999 or visit his web-site at www.hughlilly.com .