IT'S A BONANZA FOR FIRST
FIRST TIME HOME BUYERS

Free Down Payment Money and Motivated Home Sellers......
A Combination That Makes Home Buying Dreams Come True


Dear Prospective Home Buyer:

If you've wanted to own a home of your own now is the time to do it. Acting sooner rather than later will make the difference.The opportunity to own a home for first time home buyers has never been better than now. Interest rates are down, housing prices have declined to record lows and home sellers are extremely motivated to make a deal. You don't want to miss out on this one. If you wait that's exactly what will happen. YOU lose.


Not only are the interest rates low and housing prices very favorable, down payment money, the biggest road block to most home buyers ability to buy a home has been made much easier by the federal government. Millions of dollars have been made available to first time home buyers to assist with home down payment. Better yet, the money is free.

Yup, that's right FREE. No strings attached! You just have to meet some requirements, which aren't hard to do at all. Once that's done there are banks that are approved lenders that are willing to make loans in connection with these programs.

Better yet, as of February 8, 2008 Congress passed a 152 billion dollar economic stimulus package that raises the loan limits on FHA loans from $362,790 to as high as $729,750 in high cost residential areas. FHA loans that historically required a minimum of 3% down payment require only a 1.5% down payment now. All this makes for a buyers market.


If you listen to the "so called" experts, they will tell you that the real estate market is a place buyers should shy away from, primarily because of the spiraling down of real estate values and the subprime mortgage fiasco. Nothing could be further from the truth. Yes, there is a down turn in the real estate industry but that is very good for home buyers.


Here's the reality for home buyers.

Because of the rapid rate of foreclosures fueled by the "adjusting up" of subprime mortgage interest rates there are thousands of homes available on the market. The banks who take these properties back through foreclosures don't want them in their inventory. They want and need to sell them to avoid the high costs of maintaining a non-producing asset and avoid the penalties they have to suffer for having made a bad loan in the first place.

Most people don't know that a bank's ability to lend money is lessened when it forecloses and takes back a real estate property. The bank has to set aside money to cover the value of the property taken back in the foreclosure. This is hard money that they can't lend now. Remember banks are in the lending business not the real estate business.

In the present real estate market there are two highly motivated sellers that want to get rid of real estate. The seller who can't afford the property any more and the bank that has to take the property back at far less than what the original mortgage was. It's not unusual for a home that began with a $500,000 mortgage to now be worth only $300,000 and still going down. The property usually is still in great shape and just waiting to be purchased by a savvy buyer who recognizes that it's a buyer's market now. As a prudent buyer, you can literally write your own ticket. Affordable housing now takes on a new meaning. Buying a new home now should be looked at in a different way. The subprime market failure is a boon for home buyers not a bust.

Because of the real estate slow down, sellers have to drastically cut their asking price. At the same time rates on fixed rate mortgages have moved lower. That's great news for the home buyer for a number of reasons. (1) Home prices have dropped and are low enough in many areas that they are now affordable for those who could not qualify for the higher loan amounts needed for the exact same home just a year or two ago. (2) With a low interest rate mortgage now available with fixed terms of 30-40 years, a home buyer can get a loan and not be subject to the adjustable rate mortgages that helped create the real estate down fall in the first place.


Having a sufficient down payment has been a major hurdle to many first time home buyers who otherwise could afford the monthly mortgage payment if they had a down payment. Now there is help to even remove that barrier. A first time home buyer can now access down payment assistance from a number of homebuyer programs that provide home grants.

These programs and grants provide free money for down payment assistance, part of which comes from federal government funding through the federal American Dream Downpayment Initiative signed into law by President Bush in 2003 and has continued yearly thereafter.

A first time homebuyer is defined as anyone who has not owned a home as a principle residence within the last 3 years. Down payment assistance programs are located all over the country and many are funded through non-profit agencies, which is an additional source of down payment apart from federal, state and local sources. Every major city and county within the U.S. has a home down payment assistance program.

Information about these programs - where they are and how they work- can be obtained by clicking here.

The good thing about these down payment assistance loans is they are not limited to low income home buyers. A home loan is within reach of a large number of home buyers through these programs once they can show they have a down payment and can otherwise qualify for a mortgage loan. A bank or mortgage lending institution will readily approve a mortgage to the home buyer under these circumstances. Large banks such as Bank of America and Citibank are already underwriting loans in cooperation with down payment assistance programs funded by government and non-profit agencies.

With these programs, even home buyers who have had bad credit mortgage loan experiences in the past can be helped. Home owner counseling is available and arrangements are made to get credit problems back on track to credit repair and good credit health.

What's the bottom line? Take action now and put yourself in a position to have the home of your dreams. It all starts by getting the process started. Call us at 619-296-1393 or send an email to info@housingamericans.com for full details on how you can become a home owner within the next 60 days. You have nothing to lose and everything to gain.