In some parts of the country, shoppers are having a hard time finding a home to buy – especially if the home they seek is in the lower price ranges. According to the National Association of Realtors (NAR), limited supplies of housing inventory held back existing-home sales in May.
According to the NAR, Chief Economist Lawrence Yun,”The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring,” he said.
NAR President Moe Veissi, offers advice to buyers in markets with limited supply. “We are hearing a lot about multiple bidding and quick sales in areas with tight supply, with competition between first-time buyers and cash investors, who have a significant advantage,” he said. “It’s extremely important to listen to the advice of your agent and perform all the due diligence that you would normally do in a more balanced market, such as making offers contingent upon a satisfactory home inspection,” Veissi said.
Are you a first time home buyer? Don’t let the market intimidate you. With the assistance of a seasoned real estate agent and a pre-approval letter from your mortgage lender – the dream of home ownership can be yours!
Inlanta Mortgage offers a number of programs for the first time home buyer:
Conventional Mortgage Loans – Traditional program that usually requires 5% down and offers competitive interest rates.
FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.
USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase home in rural areas.
VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.
Contact a licensed mortgage loan professional to discuss which loan program suits your home financing needs. Inlanta’s loan officers are prepared to discuss the benefits of each mortgage loan program and help you decide which program is best for you. Inlanta Mortgage loan officers will also provide you with a pre-approval letter – essential to the home shopping process. Click here for more information on the importance of pre-approval letters.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.