Owning your home is always desirable than renting. But these days, the bleak outlook on heavy mortgage and foreclosures are driving home buyers away.
The government has intervened with the Mortgage Forgiveness Debt Relief Act of 2007 (http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html). Passed to help taxpayers escape mortgage interest tax, this counter measure can be applied to your best advantage. Combined with other financing incentives from the federal governments, banks and financial institutions, downtime actually becomes a great time to secure your home or build up your property portfolio. Loan limits are higher and you can also check out the lifted charges for capital gains and property tax deductions.
It may be tedious to learn the fine prints in home insurance and mortgage loans and the many incentives currently offered. However, getting a home loan is one task that requires thorough understanding of the paper works. The FHA or Federal Housing Authority (http://portal.hud.gov), Fannie Mae or Federal National Mortgage Association (http://www.fanniemae.com) and Freddie Mac or Federal Home Loan Mortgage Corporation (http://www.freddiemac.com) all have their own guidelines for home ownership loans. It is necessary to read and research because learning what will be most suited to your family needs and financial capability will help you get the best deal.
Instead of spending money for rent and shouldering your landlord's property taxes, it is high time your money get spent on acquiring your own home. Government incentives are there precisely to help home buyers and the real estate market uphold the investment value of residential properties.