Buying New Homes

Buying New Homes through Fannie Mae, the nation's largest source of financing for home mortgages, has gotten easier due to new initiatives aimed at helping families who have had difficulty buying their first home.

The "buying new homes" commitment promises several new steps that will benefit consumers including: lowering the cost of getting a mortgage; expanding availability of low down-payment mortgages; and working to increase the supply of affordable housing.

New home sales fell unexpectedly after the strongest home-selling year on record. Analysts conclude that new home sales are no longer accelerating but maintaining a high level of activity.

The median sales price for new homes fell to $197,600 in December from $204,300 a month earlier. For the year as a whole, the median sales price hit a record high $193,400.

With sales slowing, the inventory of unsold homes on the market rose in December to 374,000, the highest level since June 1989. At December's sales pace, that represented a 4.3 months' supply, the largest since February. Although it's still considered a sellers market, buyers are gaining strength.

Financial contracts are very confusing. Before signing yourself to a major long term commitment; have an attorney, familiar with financing and taxes, examine and explain the details (where the Devil is).

A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.

For complete information on all your financial needs, turn from buying new homes to the Loan homepage.

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