Southside Housing Alliance

“…Topping the list of most affordable U.S. metro areas is Indianapolis. This is the city’s 14th consecutive quarter in first place; it boasts a full 93% of all homes sold being affordable to median family households…”

“…As you can see from the comparison between purchasing the same property in 2005 versus now in 2009, the savings in monthly payments are significant. Hoosiers should be pleased to know that homes are more affordable today than in recent years…”

“…Not even a housing-led recession can shake Americans’ faith in the blessings of homeownership. The vast majority of homeowners say their home is a source of comfort (90%) in their life…”

“…More than 60% of all U.S. homes sold during the last three months of 2008 were affordable – meaning that a family making the national median of $61,500 a year would pay 28% or less of their total income toward housing expenses…”

“…The Homeowner Affordability and Stability Plan includes two initiatives. One is a refinancing program aimed at homeowners who have less than 20 percent equity in their home or owe more than their home is worth. The other program, aimed at homeowners at risk of losing their home, attempts to lower their monthly payments to affordable levels…”

“…Maximum credit amount increased to $8000…All principal residences eligible… No repayment for purchases on or after January 1, 2009 and before December 1, 2009…”

“…the American Recovery and Reinvestment Act of 2009, authorizing an $8,000 federal tax credit for qualified first-time home buyers purchasing a home on or after January 1, 2009 and before December 1, 2009…”

“…There is a great reason for first time buyers to get into the housing market. The $8,000 tax credit is basically a gift from the government. It does have to be paid back if you stay in the home for less than 3 years. If you were going to get a refund of $1,000.00 then now you would get a check for $9,000.00…”

“…Fannie Mae will expand its limit for investor and second- home loans to as many as 10 properties per borrower. Allowing investors to take advantage of some great deals in the market place will spur housing demand and help neighborhoods as homes are bought and resold to owner-occupants…”

“…with all that’s happening in the market right now, it’s time for many Hoosiers to get off the fence and start the process of finding out options for financing and homes for sale…”

“… 5. You can get a federal tax credit. There’s currently a federal credit of up to $7,500 for home buyers who haven’t owned a home in at least three years…”

“…4. Mortgage rates are historically low. It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans…”

“…3. Builders are offering big discounts. Home builders are getting even more aggressive with their pricing…”

“..2. You have a large inventory to choose from. In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures…”

“…The first in a series of five posts. If you’re qualified to buy a home now, the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal: 1. Affordability is better than ever!…”