As the final chapter of 2011 is closed, many will say it has been an extraordinary year.  Interest rates on mortgage notes found their lowest points historically for the second half of 2011, and most expect this trend to continue into the first half of 2012.  If there ever was a great time to buy a home, from the mortgage viewpoint, the time is here.

FHA passes on good news for 2012.  The maximum loan limit for Frederick County, VA will be $475,000.  This will allow more borrowers to qualify for FHA’s family of loans and enhance their property price range search.  FHA’s 203 (k) loan (Purchase and Renovation Program) is becoming a great solution to help market listings and provide opportunities for buyers attracted to REO and short sale properties in need of work.  Seeing a home in its current state, and the potential of what it could be after renovations are completed, helps buyers visualize their dream house right before their eyes.  If you haven’t heard about the FHA 203 (k) loan program today, make it a priority to do so.

As most of us begin this New Year, which includes resolutions, preparing for income tax filings, and mulling over the expense of the recent holidays, plan to add an evaluation of your current home status to the list.  Thinking of moving up in home size, down sizing, or purchasing a second home?  Now is a great time to give it thought.  Home prices are attractive, mortgage rates are low, why wait? 

Submitted by Kyle Homan

Wells Fargo Home Mortgage
540-722-7459
kyle.homan@wellsfargo.com
NMSLR ID 447923