Markets such as Kokomo, Indiana, reported 98.6% of homes sold were considered affordable based upon a median income of $61,400. Other areas such as Monroe, Michigan, Cumberland, Maryland, and Toledo, Ohio also scored high marks. Conversely, other small communities such as San Louis Obispo and Santa Cruz,CA, Laredo, TX, Ocean City, MD, and Santa Barbara, CA scored on the lower end of the affordability spectrum. You can review a list of market details on the NAHB web site.
With mortgage rates near or below 2011 lows, now may be a good time to look into purchasing real estate. There are plenty of great programs in the market for first time home buyers such as FHA and USDA loans. Below is a list of resources available from American Bank which highlight products available in today's marketplace:
- 3/1 ARM Mortgages - 30 year mortgage with a low introductory rate which lasts the first 36 months of a loan. After introductory period comes to an end, the rate adjusts up or down based upon a loan's margin and caps and the current rate of the index which the loan is tied to.
- 5/1 ARM Mortgages - Same idea as with a 3/1 ARM but the intro rate is in place for the first 60 month of the mortgage.
- 7/1 ARM Mortgages - See above...just with 84 month introductory rate.
- 30 year FHA Mortgage - Low money down fixed rate mortgage programs amortized over 30 years.
- 15 year FHA Mortgage - Low money down fixed rate mortgage programs amortized over 15 years.
- 5 Year FHA ARM - Similar in many ways to conventional conforming 5/1 ARMs but with potential for lower down payment.
- Conventional 30, 20, 15, and 10 Year Fixed Rate Mortgages
