How First Time Buyers Can Get the Best Deal of a Lifetime

Article Written By: Susanne Novak

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.

Benefits have always existed to purchasing a home. Mortgage interest paid is tax deductible, the equity in the home can be built by paying the home of faster, and over time the value of the home usually goes up. Well, the following are some important reasons that purchasing a new home in 2009 is an excellent idea for you.

1. Home Prices have dropped an average of 20% due to the mortgage crisis, in some parts of the country even 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 you'll be able to sell your house for a significant gain in the next 5 to 10 years.

2. For those purchasing a home for the very first time, a special tax credit is available from the government. Up to $8000 is available for those purchasing their first home in 2009, but it has to be done before December 1st. This incentive will not have to be paid back to the government at any time. The incentive was given to help give the economy a boost, since it heavily depends on the housing market.

Reason #3 - Little Out of Pocket Money Required - When you purchase a home for the first time, you won't need much money to do so. Most Columbus Loans, such as FHA or VA, only require a small percentage down from you. If you are a veteran, you won't have to make any down payment.

Reason #4 - Companies Want to Lend - Believe it or not, you'll find that the mortgage companies out there really want to lend. Since the interest rates are low, you can afford a nice home. Banks want to find buyers that are qualified, so you will need to have a good credit score. You will also have to show you can afford to make the downpayment on the home as well.

5. There are many homes out there owned by banks and by the government as well. These homes are available for big discounts and the sellers really want to get rid of them. Homes that are almost new today are going for 25% lower than the value on the current market and there are few repairs to worry about.

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

Author Susanne Novak is a full time real estate investor who helps home owners buy properties at discounted prices. Her blog shows how to to find the best Columbus houses

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This Article Has Been Published on Fri, 23 Oct 2009 and Read 144 Times

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