Five Reasons Why You Should Buy Your First Home in 2009
The American economy may be in bad shape right now and many people lost their jobs. But there is a silver lining in all this gloom and doom. Home ownership is more affordable than ever. Lets confront it, the prices of homes have dropped, interest rates are at all time lows and the government produced new incentives for you to buy your first home.
Home ownership always had great benefits. You can deduct your mortgage interest from your taxes, you build equity in the home by paying off the principal balance of your mortgage over time, and most likely the value of your home will increase. Here are five great reasons why you absolutely need to buy your first home in 2009:
1. Home Prices have dropped an average of 20% due to the mortgage crisis, in some parts of the country already more. Buying a home in 2009 will be a great investment. Most likely the housing market has bottomed out and values will rise in the coming months and years. If you buy in the current market youll be able to sell your house for a meaningful gain in the next 5 to 10 years.
2. The government has produced a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you dont need to pay it back. The government gave this motive, because they know that the economic recovery will heavily rely on the housing market.
3. As a first time home buyer you can nevertheless buy a home with little money out of your pocket. FHA loans require only 3.5% down. As a veteran you can get into a home without any down payment at all.
4. Despite of what you hear on the radio, mortgage companies are truly desperate to lend. With interest rates below 5% you can provide more house than ever. edges are looking for qualified borrowers, so your credit score has to be above 650 and youll have to proof you have cash for the downpayment.
5. The market is nearly flooded with bank and government owned homes. They sell for huge discounts and the sellers are very motivated. You can buy almost new HUD (government owned) homes for 25% below market value. And these homes hardly need any repairs.
We are all in the middle of a grand opportunity when it comes to buying a house this year. We already see homes selling quickly this spring. Take advantage of this chance before the market turns around and booms once again. Some people will not be able to get a bank loan due to credit issues. Dont despair, you may be able to buy your home with seller financing and nevertheless qualify for all these benefits. Buy your first home in 2009 – it will be the best investment you could possibly make in this lifetime.
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