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| Distressed Homes
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According to the National Association of Realtors almost a third of sales in August were distressed sales compared to 18% a year ago. Distressed properties are commonly defined as properties that have either been forclosed on or are likely to be forclosed on in the near future. This means, they are either owned by the bank or they are owned by someone who is no longer able to make their payments.
What does this mean? In many cases, this means that these properties can be purchased at a discount. This may also mean that the home is in poor condition.
Buying a distressed property sometimes means that major repairs will be necessary before moving into the property. In this case, an FHA 203-k loan may be the right financing product. An FHA 203-k loan allows the buyer to purchase a home in less than perfect condition and finance the improvements required to turn the house into the perfect home.
For more information about this or any other home financing option, call or email Bryan.
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| Are Mortgage Rates going to fall further?
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| Nobody knows what the market is going to do but according to Friday's Wall Street Journal "the average rate on 30-year fixed-rate mortgages [fell] below 5%."
Now may be the best time to buy that dream home after all.
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Thank you for your support. If you have any questions about mortgages, real estate, the market or anything real estate related, don't hesitate to pick up the phone or send an email.
Sincerely,
Bryan J May
Southwest Funding
817-929-3584
P.S. Don't forget that the $8,000 Tax Credit expires in less than 60 days.
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| About Bryan |
Bryan J May has been in the mortgage industry since 1999. His knowledge and expertise give him an uncanny ability to find the right loan for the right borrower at the right time. This ability saves his clients and referral partners time and money.
Bryan can be reached at 817-929-3584 or bmay@southwestfunding.com
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