Saving Money When Buying a Home

After a decade of being in a seller's market, buyers are finally in the drivers seat.

1. Prices have dropped. I think it is safe to say that everyone knows that home prices are extremely low.

2. Interest rates are at there lowest rates for a 30 year fixed rate loan.  This affects your payment.

3. Seller's Credits can be used for closing costs or for buying points to bring down the low interest rates even further. Basically this allows buyers to keep their cash in their pocket.

4. FHA Loans only require a 3.5% down payment. Again this keeps your cash in your bank account.

5. Seller Repairs- It is not uncommon for buyers to request that sellers repair the home prior to the close of escrow. More cash that stays in your pocket.