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Congratulations, you missed the $8,000 tax credit
No, I'm not being facetious or implying you're a dummy because you haven't bought a house yet.

 
In fact, just the opposite; waiting until now to buy has saved you thousands of dollars more that than measly 8 grand credit a lot of your friends got earlier this year. Here's how.
Let's take a look at the facts and mortgage market now compared to what they were then.
The $8,000 federal tax credit that got everyone excited earlier this year expired at the end of April, 2010. Buyers that had a contract dated prior to that were able to claim the credit up to the maximum amount of $8,000. and also got a loan with an interest rate around 5.5% or so.
If they bought the median priced house in the Knoxville, TN area, which would have been around $180,000, and got an FHA insured loan with the minimum 3.5% down payment they would have a monthly mortgage payment of $986.25 for their principal and interest. Taxes and insurance are added to that amount.
However, because you waited until now for whatever reason, interest rates have continued to drop. In the current mortgage market you can get an interest ... more

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