Yuma is heating up, and so is the housing market! The FED announced today that they will not be raising rates just yet. For homebuyers in Yuma, this is great news! When you factor in low home prices and REALLY low interest rates, you can’t go wrong buying a house in this market.
Qualifying is Easier Than You Think!
The Pathway 2 Purchase program is one of the best deals around right now. Up to $20,000 (10% of the home price) to use toward your down payment and/or closing costs. They even dropped the interest rate a little bit yesterday. If you qualify, this program is worth looking into!
VA loans are big in Yuma. If you are active duty, or if you have ever been in the military and have eligibility, VA is the way to go. $0 down payment and the lowest interest rates around mean more house for less money. Read up on other Loan Programs for Military Veterans.
USDA Loans are also an excellent option in Yuma county. Although mainly available in Somerton, San Luis and Wellton, some areas of Yuma are also eligible for zero down USDA financing. Check the availability map here.
If you are worried about your credit, we can help you. First, you should know that you do not need to have perfect credit in order to buy a house. Some programs will approve credit scores down to 580. VA only requires a 620 score. Most of the down payment assistance programs require 640 or 660. If you don’t have the score you need for the program you want, NOVA’s Credit Services team will help you. They will analyse your credit and come up with an action plan so you know exactly what to do, and how long it will take. The first step is to call and have your credit pulled. This is a free service – we just want to help you get approved for a loan!
Mortgage Rates Are Low!
Low mortgage rates mean you can buy a house for a lower monthly payment, and lower long-term cost than ever before! You can always check the current market on our Live Market Update page.
Home Prices Are Low!
The average home in Yuma is selling for less than $150,000 right now. Compare that to a few years ago when the average topped $215,000 (June 2007), and you could say that homes are on sale right now! I did the math, and if you go peak to valley, home prices in Yuma fell over 50%.
Yes, prices have come back up since the low. In fact, prices hit rock bottom in February 2012, over 4 years ago now. However, if you factor in the low rates, the payment savings today vs. 8 or 9 years ago is still about half!
Overall, Yuma’s home prices have been steadily rising over the last few years since hitting bottom in 2012. However, that doesn’t mean every house has gone up in value. Some price ranges, and some neighborhoods have been holding steady or even continuing to go down in value. But the overall trend is moving up. That’s a good sign for the housing market in Yuma, and it’s a good sign for the economy as a whole.