Interesting things are happening in the financial world that will have a positive effect on those wanting to buy a new home and/or some Smith Mountain Lake Real Estate.

We are all looking forward to our Stimulus Act rebate checks that are beginning to be delivered even as I write. We also know the Government hopes that these checks will give a boost to the current economy. What I just learned is that they are also making other decisions undoubtedly hoping for the same effect. The Federal Reserve Board meets often throughout the year to review the health of our country’s economy. A few days ago, at one of those meetings, they cut interest rates for the seventh time since September of last year. Many market analysts believe that this will be the last of the dropping interest rates as the government observes how this all will play out.

Now, for those of us who are contemplating a new home or a lot on Smith Mountain Lake, this is really good news! It means we have likely waited till the interest rates were at their lowest to purchase our dream home. On the other hand if the experts are correct about there being no more drops in interest rates, it means NOW is the time to buy, because those rates don’t have anywhere to go but up from here.

The government also has temporarily increased FHA loan limits in many areas across the United States. These government-insured loans require little to no down payment, but they also expire at the end of the year. So you see in several ways there is an especially friendly market for first-time home buyers right now. It may be the time for you to consider putting your dreams into motion and buying that lakefront property you’ve had your eye on.

For more practical and helpful information on property around Smith Mountain Lake, visit the Smith Mountain Homes Blog and Website.