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Finance Real Estate Five Reasons Why You Absolutely Need to Buy Your First Home in 2009
Finance Real Estate Five Reasons Why You Absolutely Need to Buy Your First Home in 2009
| Five Reasons Why You Absolutely Need to Buy Your First Home in 2009 |
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| Written by Susanne Novak |
| Thursday, 22 October 2009 08:55 |
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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. Let's face it, the prices of homes have dropped, interest rates are at all time lows and the government created 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. Over the past few months since the mortgage crisis, the prices of homes have dropped big time. About 20% is the average drop, while in some places it is more. If you want to invest, purchasing a home right now is a great option. It looks like the housing market is at the bottom and soon the values will begin to go up again. Purchasing now gives you the option to make big money if you sell for profit in a few years. Reason #2 - Tax Credits - There are now great tax credits available for those purchasing their first home. If you purchase a home in 2009, you can get $8000 tax credit as long as you close before the 1st of December this year. This is not something you will ever have to pay back either. This is an incentive the government is giving to help make sure that the economy does recover. 3. As a first time home buyer you can still buy a home with little money out of your pocket. FHA Columbus 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 actually desperate to lend. With interest rates below 5% you can afford more house than ever. Banks are looking for qualified borrowers, so your credit score has to be above 650 and you'll have to proof you have cash for the downpayment. Reason #5 - Many Government and Bank Owned Homes Available - There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well. 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. Don't despair, you may be able to buy your home with seller financing and still qualify for all these benefits. Buy your first home in 2009 - it will be the best investment you could possibly make in this lifetime. About the Author: About the author: Susanne Novak is a full time real estate investor who helps home owners buy properties at discounted prices. Read her blog to find the best Columbus houses and how to buy Columbus OH Homes for Sale. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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