Many benefits for those buying homes - WALB.com, South Georgia News, Weather, Sports

Many benefits for those buying homes

By Karen Cohilas - bio | email

ALBANY, GA (WALB) - The housing and banking meltdown drastically slowed home sales. It's been tough to find financing to buy a home lately. But that could be turning around. Now may be a good time for many people to buy a home.

Gary Eller is a cheerleader for real estate. Even he admits the market here has slowed, but he says that's why now is the time to buy. "Buyers can strike while the iron is hot and get good deals right now."

He says real estate values in Dougherty and Lee Counties were never over-inflated, so they haven't changed drastically. But there are more homes on the market. And more incentives for buyers. "That's really good news and it's time for buyers to get off the fence because this is one of the best programs in 25 years I've ever seen offered by the government."

First time home buyers, defined as people who have not owned homes in the last three years, can get an $8,000 tax credit for that purchase. Also, FHA loans, which require only three and a half percent down, have been increased.

Eller said, "They have just increased the FHA limits to $271,000, so you now in Dougherty/Lee County can buy up to a $271,000 house and only have to come up with 31/2% down payment and you don't have to have perfect credit."

That's because it's backed by the federal government. And for those homeowners who have already bought, who won't be getting the credit, or FHA benefits?

"The good benefit is you're a proud Homeowner and you get to stay in your home without the threat of losing it, so that's the pride of ownership and we love Americans like that." Americans buying homes and staying in them... fulfilling the American dream even during hard times.

Wednesday, President Obama revealed a new plan to help homeowners facing foreclosure. It will help those who owe more than their house is worth and need to refinance but are having trouble getting a loan.

Feedback

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Service honors fallen service members at Albany's Field of Crosses

    Service honors fallen service members at Albany's Field of Crosses

    Sunday, May 28 2017 10:19 PM EDT2017-05-29 02:19:11 GMT
    (Source: WALB)(Source: WALB)

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>
  • "Rabbitman" hosts third annual After School Extravaganza

    "Rabbitman" hosts third annual After School Extravaganza

    Sunday, May 28 2017 10:14 PM EDT2017-05-29 02:14:36 GMT
    (Source: WALB)(Source: WALB)

    A local business rewarded students after another successful school year.  Elijah Williams Jr., owner of Rabbitman Footwear, hosted his After School Extravaganza. It's a chance to celebrate students for their hard work during the school year.

    More >>

    A local business rewarded students after another successful school year.  Elijah Williams Jr., owner of Rabbitman Footwear, hosted his After School Extravaganza. It's a chance to celebrate students for their hard work during the school year.

    More >>
  • WATCH: Airman surprises sister at Mitchell Co. High graduation

    WATCH: Airman surprises sister at Mitchell Co. High graduation

    Sunday, May 28 2017 9:10 PM EDT2017-05-29 01:10:11 GMT
    (Source: Facebook)(Source: Facebook)

    A U.S. Airman pulled off the surprise of a lifetime for his sister this weekend. Jakeria Florence graduated from Mitchell County High School Friday night. Scarlette M Wimberly She did not think her brother, Airman 1st Class Jason Florence, would make it to her graduation. He's been stationed in Alaska for more than two years.

    More >>

    A U.S. Airman pulled off the surprise of a lifetime for his sister this weekend. Jakeria Florence graduated from Mitchell County High School Friday night. Scarlette M Wimberly She did not think her brother, Airman 1st Class Jason Florence, would make it to her graduation. He's been stationed in Alaska for more than two years.

    More >>
Powered by Frankly