This is the best time to make a home purchase because of the record number of foreclosures and low interest rates.
Many homes that were over priced just a few years ago are now available at half the cost and in five to ten years you could be looking at a very nice profit.
The government is even sweetening the deal by offering aid to anyone who wants to buy.
If you meet a few requirements you can be qualified to have a tax exemption or even a credit towards your down payment.
This is a big deal because banks require a sizable down payment if you want to purchase a home.
Figure about 20% of the purchase price to be on the safe side, which is fine because the more money you put down, the less you will owe.
Along with a deposit or down payment, which you can get some government help with, there are some other things you need to have in order to get a loan application approved.
A large one is that you need to have established income.
This does not mean you can start a new high paying job and qualify for a loan; you need months and even years of work showing that you can make mortgage payments on time.
Many lenders will demand you earn three times whatever your monthly payments will need to be.
Finally you need to have a good credit number.
This is important not only because it can determine if you get approval or not, but it also has a direct influence on what you are charged.
A good score means you can save hundreds of dollars each month on finance charges and interest rates.
Even if you save $100 a month, that adds up to over $30,000 during to course of a thirty year loan.
If you have a poor number and need to fix it fast you can look into credit repair.
What makes the credit repair process so great is that it not only works within weeks, but it can fix any score no matter the reason it was lowered.
By David George
Many homes that were over priced just a few years ago are now available at half the cost and in five to ten years you could be looking at a very nice profit.
The government is even sweetening the deal by offering aid to anyone who wants to buy.
If you meet a few requirements you can be qualified to have a tax exemption or even a credit towards your down payment.
This is a big deal because banks require a sizable down payment if you want to purchase a home.
Figure about 20% of the purchase price to be on the safe side, which is fine because the more money you put down, the less you will owe.
Along with a deposit or down payment, which you can get some government help with, there are some other things you need to have in order to get a loan application approved.
A large one is that you need to have established income.
This does not mean you can start a new high paying job and qualify for a loan; you need months and even years of work showing that you can make mortgage payments on time.
Many lenders will demand you earn three times whatever your monthly payments will need to be.
Finally you need to have a good credit number.
This is important not only because it can determine if you get approval or not, but it also has a direct influence on what you are charged.
A good score means you can save hundreds of dollars each month on finance charges and interest rates.
Even if you save $100 a month, that adds up to over $30,000 during to course of a thirty year loan.
If you have a poor number and need to fix it fast you can look into credit repair.
What makes the credit repair process so great is that it not only works within weeks, but it can fix any score no matter the reason it was lowered.
By David George