Great Time to Buy Or Refinance A Home

The median home price nationally has fallen 20% since the housing market’s peak in July 2006, according to the National Association of Realtors. In mid December the 30-year fixed rate fell to 5.17%, says Freddie Mac. Mortgage money hasn’t been this cheap in nearly 40 years. Buyers who are having trouble coming up with a 10% to 20% down payment or who have dings in their credit record may be able to get FHA financing with as little as 3.5% down.

And there may be help for people already in their homes. Borrowers facing a reset on an adjustable mortgages may get relief since key indexes have dropped. And for those teetering near foreclosure, the Obama administration and
new Congress will help more distressed homeowners
keep their homes.