The rumors continue to fly that during the HOT market sellers were not accepting VA or FHA loans due to tougher appraisals and inspections. So I decided to take a look through some data in the MRIS to see if the rumors be supported by the data.
The first caveat to the data is that the accuracy of the data in the MRIS is up to the listing agent to enter when a sale is complete. With that in mind the following data compares the month of February from 2006-2009. Unfortunately the data was not available to make a five year analysis.
|Type of Financing||2009||2008||2007||2006|
It was surprising to see for this one month comparison that February 2008 was when Fairfax County saw the largest number of FHA and VA loans used to purchase homes. The total sales volume is not that much lower in February 2009 so the difference could be considered significant. However you can see that in 2006 and 2007 when sales volume were at their highest point that FHA and VA loans were significantly lower than conventional financing.
The numbers did support the "rumors" that the easiest way to buy a home a few years ago was with conventional financing. It was surprise not to see more FHA or VA loans this year. With the lowest interest rates that we have seen in years if buying a new home is in your future give the Cindy Jones team a call at 703-346-2213. We can look at what is the right loan program for you to take advantage of lower prices and lower rates. No hassle, no pressure, just straight talk about whether now is the right time for you to buy a new home.
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