Balancing Home Purchase in 2010

It looks like for some of the lucky people still employed with a steady job, 2010 will be the year to buy a home. With home values plummeting to 2003 prices and fixed mortgage rates still at near record lows, what’s to think about?

Now add the facts with the foreclosure epidemic, the current housing market has created great opportunities for those bargain hunters in the market for the best deal of the century. To top that off, good old Uncle Sam is throwing thousands of dollars into the pot for not only first-time home buyers, but also existing homeowners who have been in their home a minimum of five years and close a purchase by June 30th, 2010.

There are a few important factors that would inhibit you from cashing in on a good deal:

1. You have to have a stable job, true story! So make sure and take a serious look at your employer, the company, and the industry as a whole to make sure your position looks secure. Unemployment is expected to rise in 2010.

2. Credit score needs to be registering on the mortgage lender’s rector scale, usually 700 or above.
Of course there are other requirements and considerations that go into the equation in order to qualify for a home loan, but these are the two basic show stoppers before considering further action on your part, which should have always been in place for anyone buying a home. So if you feel good about your present situation, you have money in the bank for earnest money and closing costs, and you haven’t maxed out your credit cards or behind in your current mortgage payment, you’re good to go!

Happy house hunting, and oh by the way, remember, nothing in life is free! We will always be held accountable for those agreements we enter into and everything has a price tag no matter how sweet the deal, so be careful and wise. Make sure you have a great Realtor (Buyer’s agent) on your team to assist you through the process making your next home buying experience both stress free and profitable.