It’s not over. Homeowners are yet again getting another chance from the Federal Housing Finance Agency to take advantage of the Home Affordable Refinance Program. The new deadline is now Sept. 30, 2017. But this time around, things are different.
Now is the time to reflect on this past year and decide how the next one will be better.
If the fact that mortgage rates are still insanely low – dropping again last week – and new loans can make down payments as low as three percent and give you a 5% grant to pay for it for first-time homebuyers (you may just be one) still aren’t enough to get you into the real estate market, here’s perhaps the most compelling reason of all to buy a house: rents are ridiculous and only getting more so everyday.
A recent article from Yahoo shows that “American renters spend an average of about 30% of their monthly incomes on rent… but throughout the country, many people spend much more than that. That’s a decent indication of a rent affordability problem in the U.S., given that housing experts consider consumers to be ‘rent-burdened’ if they pay more than 30% of their income for housing.”
This comes on the heels of other reports that show that, “On average, it’s 35% cheaper to buy than to rent, up from 33% last year. In some areas, particularly in the south, it’s over 50% cheaper to buy.”
But back to that sobering Yahoo stuff. “Housing researchers project that […]