Although the economy in the U.S. may be tough and people are losing jobs, there still is a bright side in all of the negative things that are occurring. Today it is cheaper than ever before to own a home of your own. The prices on homes are much cheaper, even the interest rates are low, and there are a variety of great incentives from the government for purchasing a new home these days.
Home ownership always had great benefits. You can deduct your mortgage interest from your taxes, you build equity in the home by paying off the principal balance of your mortgage over time, and most likely the value of your home will increase. Here are five great reasons why you absolutely need to buy your first home in 2009:
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.
3. As a first time home buyer you can still buy a home with little money out of your pocket. FHA Columbus Loans require only 3.5% down. As a veteran you can get into a home without any down payment at all.
4. The mortgage companies out there really want to lend money, even though you may hear otherwise. The interest rates are quite low, making a nice home very affordable to you. The banks want to lend to buyers that are qualified, but a credit score of 650 and above will be needed. You’ll also need to show you do have the down payment amount available.
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.
You’ll definitely find that today there is a big opportunity to purchase a new home. Many homes are selling fast already. It’s a great idea to take advantage of all these benefits before the market begins to climb and homes get more expensive. Even with bad credit, there are still options available, such as going with seller financing. Purchasing your first home is a great idea, especially in 2009.
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