So you want to buy a home? I do too.
My wife and I are hoping to purchase a home by the end of the year.
I am just getting excited...
Here are some of my reasons:
1. I am tired of renting. I have rented for three years, and I want to set some roots.
2. Mortgage rates are very low. They are currently under 5%.
3. Homes are cheap. Homes are selling at prices 20-30% below their peaks.
4. The tax credit. An $8000 tax credit is being offered to first time home buyers (or anyone else who has not owned a home for 3 years) who purchase a home in 2009.
Could the market go lower? Sure. But I have plenty of reasons to buy just the same.
So the other night my wife and I began the process. We wanted to know what our credit report looked like, so we went to www.AnnualCreditReport.com. The credit report was free. The credit score was $7.95.
I am looking into an FHA loan. The downpayment and credit score requirements are lower than with a conventional loan. Great for first time buyers or those without money for a large downpayment...
My search for a home is just beginning. Our time frame is November. I have plenty of time..
The weather here in Naperville is starting to warm up. The real estate market will be heating up as well.
New homes coming to the market. Affordable prices, too.
It is going to be a great shopping season...