Are you thinking about buying a home?  Perhaps sitting on the fence like many folks these days?  After all, homeownership is a big commitment, and if you listen to the daily news you are probably scared to take the plunge into homeownership due to our economic crisis.

You may not realize it, but this may be the best time to purchase a home in your lifetime. You are only a first-time buyer once, so take advantage of the perks before they disappear!

Below I have listed just a few of the many reasons why now may be the best time to buy:

1.  There are plenty of deals out there.  In some areas, you can buy a home for less than you could 3 or 4 years ago. If in doubt, check out your local assessor's office. Many counties have the current and past year's value listed on their Web sites. If they are not listed, call and ask. It also may list many of the features of the home such as square footage, number of bedrooms, annual taxes, size of the lot, etc. 

2.  Up to $8000 back to you after closing.  If you purchase your home before December 1, 2009 you may be eligible to get 10% of the purchase price back after closing. The government caps the credit at $8000 and you must be a first-time buyer purchasing a primary residence, single-family home. The adjusted gross income limit of $75,000 ($150,000 for joint filers) applies. You must stay in the home for at least 3 years or you may have to pay the entire amount back on the sale. Consult with a tax advisor prior to making an offer on a home to be certain that you qualify!

3.  Rates are still historically low.  This means you may be able to purchase a home and have a lower payment than you could have a few years ago. When comparison shopping, make sure you know your approximate credit score, the term of your loan (30 or 15 years, etc.), the type of loan and amount of down payment. All of these factors and more could affect your rate. I highly recommend that you choose a lender you trust first and foremost. Yes, rate is important. However, if you choose a lender that was referred to you by a trusted friend, he or she probably has a history of offering a competitve rate anyway. 

4. Grant availabilty.  Check with your local Realtor or HUD-approved counseling agency to find out if there are grants available in your area.  Be careful about asking lenders what grants are available. There are many lenders who will tell you, "there aren't any available in your area" if their lending institution isn't the one offering the grant. It's also best to check on grants prior to getting pre-approved. Your lender will need to pull a credit report in order to issue a "Pre-Approval Letter" or commitment for loan approval. Keep in mind that having multiple lenders pull your credit report could negativelyaffect your credit score. Your score is a crucial factor in obtaining the best rate and program available. 

My last bit of advice? Do your homework and be an educated buyer!  Working with a trusted lender and Realtor will absolutely make all the difference in your home buying process. Good Luck!!

Shelly Shoop
Mortgage Loan Originator
www.shellyshoopdreamhome.com