Daily headlines read:

“MORTGAGE MONEY AVAILABLE”
“MORTGAGE RATES AT 40 YEAR LOW”
“HOME SALE PRICES HIT BOTTOM”
“102% FINANCING AVAILABLE”
“$7,500 TAX CREDIT TO FIRST TIME HOMEBUYER”

All of the above is true so why rent when you can buy. Consider this scenario.

Loan amount: $225,000.00
Down Payment: $0
Interest Rate: 6.500%
Monthly principal and Interest: $1,424.00
Taxes monthly : $290.00
Home owners insurance monthly: $80.00

Total monthly expense: $1,794.00

Monthly Rent: $1,800.00 (Average monthly rent for 3 bedrooms in Barnegat and Manahawkin) 

BENEFITS TO BUYING NOW & USING USDA FUNDING

• $7,500.00 federal tax credit for *First Time Homebuyers *(have not owned a home in the last 3 years)
• Mortgage Money is AVAILABLE
• Mortgage rates are at a 40 year low
• No private mortgage insurance
• 102% Financing
• Potential Saving by owning vs. renting over the next 5 years is $54,969

The average combined household income is about $80,000.00 a year which puts you in the 30% tax bracket between federal and state taxes. If you have a mortgage for the above listed amount you have the potential to save $54,969** over the next 5 years from tax write-offs and home appreciation. The gap between owning and renting has narrowed significantly. Don’t miss out on this opportunity of a lifetime. You will not only make what is still considered the best investment but you will have something of far greater value, a HOME for you and your family.

**Information on money saved on renting versus can be found by clicking Rent vs. Buying