is 2021 a bad time to buy a home

Is 2021 A Bad Time to Buy A Home?

We’re coming out of a difficult year. As we look forward to 2021, an important question to ask is whether 2021 is a good year for you to buy a home. You may have heard that many people are worried about buying and selling homes. Maybe you’ve been planning to buy a home for a long time, or maybe you’re just beginning to consider it. Either way, we want to help you think through your options! You can contact us to ask specific questions, but we also have more general information below.

Before you think about your situation, it’s important to understand what’s happening in the market right now. 2021 is a year with a low housing inventory. That means that that houses are in high demand right now, which naturally drives up the price of homes. That’s not ideal for the buyer. In fact, the housing market right now is what’s called a “seller’s market.” In a seller’s market, the seller has the advantage, because demand is so high that they can sell for more.

This doesn’t necessarily mean that you can’t buy a home in 2021. Rates for mortgages are very low*, and they look like they will stay that way for a while. For home loans, low rates* can save you a lot of money. If you think it’s best not to buy a home in 2021, it may still be a great time to refinance. As you consider your options, you should ask yourself the following questions:

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Top 5 Tips for Buying A Home in 2021

If you’re looking to buy a home soon, you’re probably wondering whether 2021 will be different from past years. After all, we’re coming out of 2020, a year that was challenging for all of us in one way or another. It’s hard to imagine that the mortgage industry stayed the same during such a crazy year. If you’re thinking 2021 will be different, you’re right! We’re here to tell you what will be different and what will stay the same. Read on to learn our top 5 tips for buying a home in 2021, as well as what to look out for in the new year!

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va minimum property requirements in 2021

What are the VA Minimum Property Requirements?

A VA loan is guaranteed by the government , which makes it easier to get a VA home loan! That’s because that government guarantee allows VA approved lenders like HomePromise to lend money to borrowers who have lower credit scores and higher debt-to-income ratios. But for that government guarantee to happen, the property in question needs to meet certain requirements. According to the VA Lender’s Handbook , Minimum Property Requirements (MPRs) help ensure that the property is safe, structurally sound, and sanitary.

So, why does this matter? Because if you’re looking for a home or applying for a VA loan, the property you’re buying or the property you own needs to meet the MPRs. Below, we explain the VA’s main requirements and tell you what to do if your property isn’t a traditional home. Click more to read more about each of the VA property requirements.

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