Have you been thinking about buying a home but are waiting to see if real estate values go down some more? You haven't saved enough money or maybe your credit is not where you would like for it to be to qualify for the best rates, terms and conditions.
If you have thought about making a purchase right now is the time to really start considering it. If you felt you have not saved money for a down payment, it is okay. There are different ways of obtaining the money for the down payment and closing costs. For example, you can borrow against your retirement plan to come up with the down payment. You may also borrow against the equity of your car to come up with a down payment. Or you can sell things of value such as baseball cards, jewlary, collection items, etc.
If you have money for down payment but feel like are short on the closing costs, relax the seller can help. The seller can contribute up to 3% for Agency programs or 6% for FHA financing. Seller contributions can really help you keep your out of pocket costs to a minimum. The only thing that needs to be done is making sure your Realtor negotiates the closing costs on your behalf.
During these difficult times, one must be greatful for still having their employment. With the unemployment way over 7% and times getting worst there is no telling who is next that may loose their job. Therefore, if you are employed you must act now before the worst comes if it comes. Besides paying a mortgage is less expensive than paying rent now a days.
Also you must not forget the incetives this market offers. The $8,000 tax credit. Low mortgage interest rates. Low real estate prices. New higher FHA and Agency Loan Limits.
If you have been waiting, now is the time to act. If you are never going to buy, then don't worry about.
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