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10 Really Good Reasons to be a First Time Home Buyer!

By Fred Chamberlin

Mortgage and Lending with Guild Mortgage Co - Oak Harbor WA

March 24, 2009 10:07 AM

Since most First Time Home Buyers are FHA borrowers I posted the answer to what the reasons are in my blog http://FHALoansORegon.com. This information can also be very valuable to anyone considering a VA loan that is a First Time Home Buyer and especially for someone looking to buy using the USDA Rural Guarantee since they have to be a First Time Home Buyer.

I have been asked, why should I become a home owner? I have been renting for 5 years and am perfectly happy with my situation. The short answer to that is, “maybe you shouldn’t.” Not everyone should buy a home and a lot of First Time Home Buyers were sold homes that they shouldn’t have bought because the financing was too easy. That had an effect on where we are today. However, that being said, there are a lot of great reasons to become a First Time Home Buyer in today’s more restrictive lending environment. Stealing a bit of David Letterman’s shtick, here are my top ten reasons to become a First Time Home Buyer in today’s Oregon real estate market. Click over to my blog.

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C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

Stealing a bit of David Letterman’s shtick, eh? Now there's a very interesting way of putting things (LOL).

Mar 24, 2009 12:11 PM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Well Carolyn, someone has to take some of it. Thanks.

Mar 24, 2009 12:23 PM

Bo Hussung

Bell Title /Triserv LLC - Nashvle, TN

Huge opportunities Fred. I am living proof that it exisits and can be done.

Let everyone know that they can buy a home.
Bo

Mar 24, 2009 03:24 PM

Right on Bo, right you are.

Mar 24, 2009 05:38 PM

Jon Wnoroski

America's 1st Choice RH Realty Co., Inc. - Green, OH

Summit County Realtor

Hi Fred - Great information! First-Time Home Buyers will never see options like they have during 2009. The tax credit is a great incentive for those who get out and buy now. The debate between home ownership and renting is the subject of another blog; in my view, there is a lot more personal satisfaction in owning your own home compared to renting. Thanks for the information. BTW: I like the format of your blog; it looks great!

Mar 24, 2009 11:42 PM

Muffy collins

Bridgeport, CT

Thanks for sharing. I am currently working with 2 first time home buyers and this info will help. I think the tax credit is one of the best for 2009.

Mar 25, 2009 03:24 AM

Jim Allhiser

Perfection Inspection, Inc. - Salem, OR

Salem, Oregon Home Inspector

Good stuff Fred. I bought my first home 6 years ago and I can't believe the home I could have bought at today's prices!

Mar 25, 2009 01:30 PM

Thanks Jon, I like the format too. I think the information is great to help people make up their minds. However, I do believe some people should not be home owners.

My pleasure Kate. Help your buyers, it is very rewarding.

Jim - It is a great way to build personal wealth, but not short term.

Mar 25, 2009 01:57 PM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I bought 7 years ago and could easily upgrade for the same amount. Two years ago that was not true. While I hate I've lost value, it is a GREAT time for those currently renting.

Mar 26, 2009 06:14 AM

Tammy - I think this is one of the very best times to be buying a home.

Mar 26, 2009 09:38 AM

Greg Nino

RE/MAX Compass - Houston, TX

Houston, Texas

Fred,

It's really ironic that subprime has evaporated, but FHA has swooped in to make the first time buyer's dream a reality

Mar 29, 2009 02:51 PM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Fred, There are so very many great reasons to be a home buyer, especially in today's market. Thanks for the reminders!

May 02, 2009 10:22 AM

Greg - I was making FHA loans when others were doing sub-prime. Yes, they were harder, but they made a lot more sense for my borrowers. So, I am still making FHA loans.

Thanks Sandy, I always appreciate your visits.

May 05, 2009 10:14 AM

10 Really Good Reasons to be a First Time Home Buyer!

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