Busby & Associates Reminds About the Opportunities Available to Turn Home Ownership Dream Into Reality
Houston, Texas, January 19, 2016 (Newswire.com) - Although with interest rates gradually increasing to a range of 0.25% to 0.50%, the law firm is reminding its clients that interest rates are still at historic lows. According to Eric Southward, Busby & Associate’s Managing Attorney, “even with the recent increase, interest rates are still at the lowest point since the late 1950’s. This means that homes are still very affordable and will remain that way for the near term.”
Lower interest rates increase a consumer’s purchasing power. Low interest rates allows consumer to afford a larger purchase price while maintaining an affordable monthly mortgage payment. Many of Busby & Associates’ bankruptcy and divorce clients are looking for a "fresh start." For many, this is an opportunity to start a new chapter in their lives by purchasing a new home.
Although with interest rates gradually increasing to a range of 0.25% to 0.50%, the law firm is reminding its clients that interest rates are still at historic lows. According to Eric Southward, Busby & Associate's Managing Attorney, "even with the recent increase, interest rates are still at the lowest point since the late 1950's. This means that homes are still very affordable and will remain that way for the near term."
Busby & Associates
Mr. Southward explained that many opportunities remain available to help consumers with challenged credit purchase a house. His problem is that many of his clients are not aware of the State and Federal programs that are designed to assist with home purchases. There are programs that offer federally insured loans through agencies like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and the United States Department of Agriculture (USDA). According to Mr. Southward, each federal agency offers low interest rates with modest down payment requirements (sometimes even none) for people that have less than perfect credit.
He pointed out that there are many agencies here in Texas and the Houston area that offer down payment assistance as well. Mr. Southward claimed that many of his credit challenged clients were not aware of these programs. “I tell my clients all the time, even if you think you do not have enough money saved up for a down payment, you might be surprised at the help available. Down payment assistance can be substantial. It literally can be the difference between renting an apartment or buying a home for your family.”
The Southeast Texas Housing Finance Corp offers 3% to 5% down payment assistance and access to mortgage credits that reduce income taxes. Lower income consumers may be eligible for down payment assistance up to $23,800.00 through the Harris County Down Payment Assistance Program. There are other towns in Harris County and the surrounding area that offer further incentives to purchase a home in their communities. Plus, new home builders may offer incentives to consumers looking to purchase a new home from those companies.
Even with the rising interest rates, it is historically still a good time to purchase a home. Many federal agencies will insure home loans for consumers with less than perfect credit. A consumer qualifying for a generous down payment assistance program offered by various state and local agencies can still turn the dream of home ownership into reality.
