5 reasons it’s still a great time to buy a home

If your goal in 2021 is to purchase a new home, your timing may be perfect. If you have the basics squared away — like having a good credit score, manageable debt, stable employment and money for a down payment — you could benefit from current housing market conditions.

  1. Mortgage rates are likely to stay low.

In 2021, interest rates hit historic lows. The good news is that interest rates are likely to remain low for the next couple of years. That’s great news for borrowers because a low-interest mortgage lowers your monthly payments and/or helps you qualify for a bigger home.

  1. Newly constructed homes don’t require inspections and appraisals.

Typically, a mortgage lender will require an inspection and an appraisal of a resale home. Because the homes at Gladden Farms are newly constructed or built on demand, home inspections and appraisals are not required. This can easily reduce your loan amount by $1,500 to $2,000.

  1. Work-from-home policies give us more flexibility in where we live.

Working from home has given many of us the freedom to reconsider where we live, letting us relocate to less expensive or more desirable areas without sacrificing our jobs. Also, you may be seeking a place with enough space to accommodate a home office now that we work, study and socialize from our living rooms.

  1. You may be eligible for a 0% down payment or special loan program.

If you’re a veteran or if you are buying in a rural area and meet certain income limits, you may qualify for a zero percent down payment VA loan or USDA loan

VA loans are typically reserved for veterans, service members and their families. USDA loans are designated for rural areas and designed to assist low- to moderate-income buyers.

If you’re not eligible for a VA or USDA mortgage, a down payment assistance program may also help you qualify for a mortgage. Down payment assistance programs vary by state and county and may include a loan toward a down payment or help with closing costs.

And if you’re a first-time homebuyer, you may be eligible for several loan options that could result in some impressive savings including:

  • FHA loans: A loan program ideal for buyers with weaker credit.
  • Fannie and Freddie loans: A conventional loan program that only requires a three percent down payment.

And if you are a law enforcement officer, firefighter, emergency medical technician or teacher, the U.S. Department of Housing and Urban Development offers the Good Neighbor Next Door program to help purchase homes for up to one-half the asking price.

Last but not least, due to the significant impact of COVID-19, you may find some lenders have less strict loan criteria, expanding your chances of homeownership.

  1. House hunting is much easier.

It used to be that a home search required days of driving around and looking at homes that inevitably miss the mark until finally you find something that may work. Today, homebuyers are touring homes from their computers. These tours can be guided with the assistance of a real estate professional or done individually. It’s a much saner way to hone in on the perfect home.

The Bottom Line

If you’re thinking about buying a home right now, it is a great time to do so. And Gladden Farms is a great place to live. You’ll find newly constructed and built-on-demand homes crafted by award winning national builders. These stylish and eco-smart homes are footsteps from 112 acres of lush green space; landscaped paseos and parks; playfields and playgrounds; miles of paths; a dog park; BBQ areas; a splash pad; and so much more.

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