In today's market, home buying is easier than what most people think. Too many times do we allow ourselves to get drawn in by the negative media on the "crash" of the Housing industry. In reality, if we stop and think about it, the crash is being caused by us, the consumer.
Let's take a look for a minute at the issues at hand.
Houses are being lost in foreclosure at an alarming rate.
This is untrue. There are pockets or areas if you will that are going at a higher rate, but overall we are about 2.5%.
Interest rates are high.
Actually, compared to what? In 2006 when they reached the 4.875% mark? This again is something that is driven to be more like a "teaser" to get you in the door. Rates are still at an acceptable level.
I can not afford a down payment.
OK, not a lot of people can. you can still get a home with the majority of the down payment coming from another party other than yourself. What has been taken away is for the downpayment to be "funded" through the loan. FHA still allows for the money to be gifted to you.
My Credit is bad.
My concern with this is, when is the last time that you did something about it? Talking about it does not resolve it. You have to get involved with it and get a resolution. Sometimes seeking outside help is the best method.
Once you can get yourself past these stumbling blocks, the first thing that you want to do is get pre-approved for a home loan. This will tell you how much you can afford. When you find that out, Call us! Century 21 Future Homes A Realtor that you can trust.
