For People Looking to Buy a Home before the Tax Credit Runs Out
It seems in many different industries people talk about “a perfect storm”. The last couple of years were one of those times with the advent of sub-prime mortgages coupled with defaults from builders and creating a really bad environment for the housing market. However, as in every storm there also is a silver lining, if you’re willing to look. Right now is the best time we have seen in a long time to purchase a home, if you are ready.
By ready I mean you will need to have a work history of at least 2 years, a mid credit score of at least 620, decent income to cover a debit to income ratio of 45% and a down payment; though there are still programs that can help you with your down payment if you have everything else together. This is a good time because rates are still lower than normal and the government is offering a tax credit for those who have a property under contract by April 30, 2010 that will close by June 30, 2010. If you are one of those buyers it is important to start the process of getting pre-qualified with a lender and looking for homes you can afford. There is more competition than you would think right now so act quickly so you don’t miss out!
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