I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.

They came into one of my Realtor's offices looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I told them and we proceeded with qualifying them.

Turns out their scores are in the 630's and good enough for the USDA Rural Development loan I was hoping to place them in. When they expressed their concern over a lack of down payment I was able to tell them it wouldn't be necessary. They asked, "what about closing costs, we don't have much money in the bank?", and my Realtor and I explained we would negotiate to have them paid by the seller. This couple who had been paying $100/mo less for rent for the last two years where stressing being able to provide an earnest money deposit and funds for the appraisal. They were that stretched, living paycheck to paycheck with no reserves. Normally I wouldn't have considered advising them to buy a home right away, but by conducting a thorough loan interview I learned his wife wasn't working now but soon would be again, and that she had a stable employment history. I also knew something every first time homebuyer needs to know in this market- by purchasing before July 1, 2009 they qualify for the $7500 tax credit that would provide them more reserves than they had ever had in their married lives together.

Buying this home now (by the way the home is a brand new builder closeout, inexpensively priced and easy and cheap for them to maintain as a first home) will put this frugal couple firmly on the road to financial security like nothing they have ever done before. He is a mechanic who bought a used car for $50 because it had a blown engine then replaced the engine for $800 and that's the car they have, a late model Ford Focus (and that's also why they have no car payment!). Such a good, responsible young couple that would not have had the opportunity to buy if not for 100% financing, remember that next time you think people need "skin" in a deal.

These kids are pouring their hearts and souls into this dream, and they will be better off for it. That is the market we are in right now, and that was why we are all still in Real Estate. Somebody has to help people like these achieve their goals, and I was honored to be a part of that.

So next time somebody asks you if it's the right time to buy a home, what will you say?

Gerry Suarez, Jr.

Your FHA Loan Pro!