Recent changes in mortgage rules make it easier for formerly distressed homeowners to re-purchase in a shorter amount of time.
So many great things are happening for buyers, sellers and homeowners lately. The Santa Clarita real estate market has seen some significant gains this year, with the median price of single family homes rising nearly $60,000 since January.
We’ve also seen interest rates fall to the lowest they’ve been in a year and a half, hovering below 4 percent as of today’s date. This gives qualified home buyers a boost to their already strong purchasing power, either adding to their approved home purchase limit, or reducing their potential monthly mortgage payment.
These low interest rates have triggered a “mini re-fi” boom for property owners looking to take advantage of the market to either obtain a lower payment, or access their equity for repairs or home improvement upgrades.
As we witness continued recovery and growth in our local real estate market, we can’t forget about how far we’ve come in the past few years. Economic conditions a half decade ago left many struggling homeowners with few options as the value of their home dropped below the value of their mortgage, with many facing foreclosure. Those who were not able to obtain a refinance or loan modification, were faced with few other options that included short sale and deed-in-lieu of foreclosure. Others walked away from their mortgage, not realizing their options that could have helped save their home from the bank.
Either way, those situations did temporarily cause an upheaval in the real estate world for a few years, with the real turnaround beginning at the tail end of 2011, when home prices once again began to climb after taking a 3 year nose dive.
Is it time for you to re-enter the housing market?
If you experienced a short sale, deed-in-lieu, or foreclosure within the past few years, you might not realize that you may be already eligible to re-purchase a home. Recently updated mortgage rules have made it possible for you to qualify for a new home loan in as little as 12 months after you have gone through a short sale. The FHA’s Back To Work Program also qualified buyers home mortgage loans for as little as 3.5% down.
If you dream of owning a home again, now is the time to act!
Contact The Lichen-Hooper Real Estate Team for more information on how you can get back into the housing market.