Mortgage Q&A: What things should I consider when planning to buy a home in 2010?
Question: What things should I consider when planning to buy a home in 2010?
Answer: There are many things changing in the mortgage industry in 2010. Consider mortgage rates are currently low because the Federal Reserve has spent almost $1 Trillion in the last year for that purpose. Their spending will stop in March which means mortgage rates may be on the rise in late spring. Also consider the homebuyer tax credit runs out on April 30th 2010 . First time homebuyers and people who have lived in their home for the past 5 years may qualify for tax credits if they buy a home prior to April 30th. For more information about the tax credits see www.federalhousingtaxcredit.com . The federal department of Housing and Urban Development (HUD) has also announced they may tighten the qualifications for FHA home loans sometime soon. With home prices low and for all the reasons above the time is now for you to consider buying a home in early 2010.