I’m so happy for my daughter and my son-in-law because they’ll (hopefully) be closing on a deal on a house that they’re buying soon. They’ve been searching for a fourplex house since they arrived in Las Vegas earlier this year. They wanted to have an investment house for quite a long time and now.
With the cost of houses on the decline, today is the high-time for investors to purchase houses. People with good credit scores can avail of the best deals and loan packages too so it just gets easier. My daughter and her husband got approved for a 30 year fixed interest loan (with a downpayment of ONLY 5% (they usually require 20% to 25%) although there are also other options available for those who wanted to avail of mortgages.
Aside from fixed interest loans (usually 15 or 30 year period), there’s also the ARM where the amount of interest a mortgagee pays depends on the prime interest rate. Aside from the conventional loans, there are also the FHA and VA type of loans to help veterans, people with disabilities, and people with low incomes acquire a home with mortgage terms they can afford. FHA and VA have their own conditions but it would be great if you can avail of those.
This is the third house where their offer got accepted. I just hope that everything goes well this time and they finally will get a chance to own this home.