My colleagues and I have been shouting from the rooftops that now and the upcoming months are the perfect time to buy real estate, now we have one more reason to urge on the fence buyers into the marketplace.

“Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high, with adverse consequences for both those directly involved and for the broad economy,” Ben Bernanke said, addressing a Fed conference on the housing and mortgage markets. “More needs to be done.” In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!

The result of such action will help the nation’s economic recovery and bring stability to the housing market,” said 2009 National Association of Realtors® President Charles McMillan in a statement. “NAR estimates that lowering the mortgage interest rate by 1 to 2 percentage points can result in up to an additional 800,000 home sales.

The interest rate drop, the incredible first time buyer mortgage programs and our current real estate prices could be the most valuable gifts under the tree this year! Happy Holidays!

And now? Be prepared for your interview with your mortgage professional with your income and asset documentation such as pay stubs, W-2s, bank statements and tax returns. As part of the extremely well capitalized Wells Fargo Family, Pinnacle Mortgage has not experienced the problems many other lenders have. Our sound underwriting guidelines mean that we have the money to lend whether you are looking for a conventional, jumbo, FHA or VA loan. Interest rates are great right now and this is without a doubt the best time to buy in Northern Nevada for the last several years.

Our goal is always to get you the best possible financing available. If you’re a first time buyer, you may find that your total mortgage payment is less than the rent you’re currently paying! If you’re thinking of moving up to that dream home, remember that although your current home may be worth less now than it was, your move-up home will also be less and that difference will be a greater amount than what you will be giving up. If you’re an investor, you may actually be able to find a home with a positive cash flow right from the start. Don’t miss out on the opportunities that are available in a buyer’s market!