It’s not complicated. If you have employment, good credit, money saved, and a desire to own a home, the stars have aligned to make this the best moment to buy – particularly if you’re a first-time home buyer. Interest rates are at historic lows, home prices have fallen – so you’ll get more for your money, and there continue to be a wide variety of homes for sale.
Plus, the new stimulus plan provides a tax credit of up to $8000.00 for first-time home buyers - or those who haven’t owned a home in the last 3 years. Yes, you’re actually being offered money to buy a home NOW. This tax credit is only good for purchases of primary residences made between January 1, 2009, and December 1, 2009. So, the clock is ticking.
For a quick breakdown of the tax credit, click here. For more thorough information, click here.
Now then, if all you have is the desire to own a home, but you don’t have any money saved for a down payment, and you’re not sure what your credit looks like – or even if you know it’s poor – desire is still a very valid place to start.
Seek mortgage loan officer recommendations from people you trust, and then give them a call. See if they take the time to answer your initial questions, or if they just try to hurry you along. Of course, if you leave a message, and your call is not returned in a timely fashion, move on to someone else. The last thing you want is someone who is unavailable when you’re in the process of buying a home.
Once you decide on a loan officer, set up a time to meet in person, if possible. At that time, have a detailed conversation about what you need to do, financially, to meet your goal of home ownership. Leave the meeting with a clear plan of action.
It is more difficult to buy a home now than it was just a few years ago. Borrowers have to jump through higher hoops – but that’s a good thing. The improved measures for lending money are actually there to protect you, as well as the lender, investors, and the general public. After all, we’re still trying to swallow the multi-dimensional pill that caused the current housing crisis.
You may miss the boat for the tax credit, interest rates may increase, and fewer homes may be on the market when you’re ready to buy, but such is life. Buy when you’re ready to buy – when the stars align in your life, and it makes good sense to do so. Forget the Joneses. They’re presently facing foreclosure.
Plus, the new stimulus plan provides a tax credit of up to $8000.00 for first-time home buyers - or those who haven’t owned a home in the last 3 years. Yes, you’re actually being offered money to buy a home NOW. This tax credit is only good for purchases of primary residences made between January 1, 2009, and December 1, 2009. So, the clock is ticking.
For a quick breakdown of the tax credit, click here. For more thorough information, click here.
Now then, if all you have is the desire to own a home, but you don’t have any money saved for a down payment, and you’re not sure what your credit looks like – or even if you know it’s poor – desire is still a very valid place to start.
Seek mortgage loan officer recommendations from people you trust, and then give them a call. See if they take the time to answer your initial questions, or if they just try to hurry you along. Of course, if you leave a message, and your call is not returned in a timely fashion, move on to someone else. The last thing you want is someone who is unavailable when you’re in the process of buying a home.
Once you decide on a loan officer, set up a time to meet in person, if possible. At that time, have a detailed conversation about what you need to do, financially, to meet your goal of home ownership. Leave the meeting with a clear plan of action.
It is more difficult to buy a home now than it was just a few years ago. Borrowers have to jump through higher hoops – but that’s a good thing. The improved measures for lending money are actually there to protect you, as well as the lender, investors, and the general public. After all, we’re still trying to swallow the multi-dimensional pill that caused the current housing crisis.
You may miss the boat for the tax credit, interest rates may increase, and fewer homes may be on the market when you’re ready to buy, but such is life. Buy when you’re ready to buy – when the stars align in your life, and it makes good sense to do so. Forget the Joneses. They’re presently facing foreclosure.
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