In this week’s Conarchy’s Corner (length: 5 minutes) Ed Conarchy explains that the normal spring home buying season that typically takes off in March has been moved up two months this year. In reaction to the expiration of the home buyer tax credit that expires April 30th, 2010, home buyers and home owners have already started to act so they do not miss out on qualifying for the credit. Up to $8,000 is available and not completing a sale by April 30th will forfeit your eligibility. Sweetening the pot is a 40 year low in mortgage rates. Ed also announces today’s news from FHA that gives you even more of a reason to buy now. FHA announced that as of April 5th, 2010 mortgage insurance for FHA loans will go up 43%. This adds the final piece to the puzzle to buy now. If you already own and are not looking to sell, you too can take advantage of the low rates by refinancing. Ed believes this is the last chance to do so before the Federal Reserve allows rates to shoot higher in the next month.
USA Today Article – Springtime house hunters out early thanks to tax credit: http://usat.me?37313046
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