Homes under $100,000
Future homeowner’s need to be aware that home prices in Sacramento are as low as I have seen them in decades. There are currently more than 1,100 homes that are priced under $100,000 dollars. These homes vary in size, location and type of sale. Some of these homes are short sales, others are bank owned, and some are traditional sales. Let’s look at a sample scenario:
Home Price: $100,000
Interest Rate for 30 Year fixed FHA Loan at: 5%
Principle and Interest Payment: $575 a month
Sacramento County was recently recognized as one of the top 3 counties in California in affordability based on the median income of its residents. This simply means that the opportunity to own a home in Sacramento is amoungst the best opportunities in the entire state. Due to the recent buyer’s market in some cases ,when purchasing a home, you will be allowed to acheive homeownership through down payment assistance programs, sellers credits, and even credits directly from the city of Sacramento making your out of pocket cost for a home minimal. Some programs will allow a buyer to place as little as $1,000 down on a home up to $100,000.
The first step to finding out if buying a home is right for you right now is to contact a local real estate agent or loan officer and they can help guide you through the process. Happy house hunting!