Mortgages : Bad Buyer’s Market?
It’s been said lately that the home buying market offers a not so great mortgage lending market, but a really great house buying market, because of an overabundance of homes on the market waiting to be sold, and on the flip side, the mortgage companies are offering higher rates because of the new rate increase in the prime mortgage lending rate.
Apparently HUD homes, which are homes being offered to consumers by the government, homes which have been seized for various reasons, are offering some bargain basement deals on these homes right now in an effort to clean out some inventory. The government takes homes that were built through the HUD program that were foreclosed on and offers them to the US public at a cut rate deal to get them back into circulation and on the potential home buyers market again.
HUD further makes it a bargain by offering more than generous loan terms and low up front and closing costs, at least lower than the national average. If you’re into fixer uppers, or you want something as an investment home, you may want to take a look at the HUD website, since they always have new homes in the rotation, and some qualify as bonified bargains.
