Home Buyer Expo for first time home owners - MSNewsNow.com - Jackson, MS

Home Buyer Expo for first time home owners

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JACKSON, MS (Mississippi News Now) -

A home buyer expo Saturday offered potential home buyers with what they need to know to unlock the doors to home ownership.

Christopher Smith and his wife are tired of renting and are ready to own a home.

"My mom down in Gulfport her yard was always voted the best yard in the neighborhood so I'm trying to outdo her now with my own home here in Jackson," Smith told WLBT News.

The Smith's attended a home buyer expo with other hopeful home buyers at New Horizon Church International Saturday. From learning about the importance of a real estate agent, to financing, experts explained why this is an ideal time to buy.

"We are seeing amazing things in the rates, we are seeing things from 3.275% to 3.375%," said Rashida Walker, a Realtor with Prudential Gateway Real Estate.

Walker said with the federal government's FHA loan slightly over 3%, your down payment on a home can be as low 3.5%. The loan also provides long-term security.

"For instance right now we are doing FHA as a fixed rate loan 30 year mortgage," said Walker.

In addition to low rates and banks lending more, your tax refund is another huge asset that can help you make the move into your new house. You can use that refund to boost your credit by paying off debts, or put the money into a savings or CD account.

"You can borrow against that which actually is a loan, but you're using that money as collateral you're paying yourself back and earning interest from it," said Shae Williams, the Executive Director for the Mississippi Faith Based Coalition.

The Smith's are looking at some "Voice of Calvary Ministries" homes. Through a federal grant, the once foreclosed homes in Jackson were completely renovated and now available at affordable costs to qualified buyers.

To learn more about the Voice of Calvary Ministries Program you can call Rashida Walker at 601-573-1866. For more on the FHA loan go to http://portal.hud.gov/hudportal/HUD?src=/buying/loans.

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