Yes, the economy in the United States is not so great and there are many that are jobless. However, you can find a bright side here. Today it is easier and more affordable to own your own home than it has been in years. Home prices are at a low, the interest rates are low too, and there are incentives provided by the government for those purchasing homes for the first time.
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.
Reason #1 - Prices Have Dropped - You'll find that the average price of purchasing a home is down about 20% because of the crisis and in some areas that drop is even higher. When you purchase in 2009, you'll find this is a great way to invest your money. More than likely the housing market is at the bottom and the value of home is going to start going up. When you purchase now, in the next few years you will probably be able to sell and make a nice profit on the home you purchase now.
2. The government has created a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you don't need to pay it back. The government gave this incentive, because they know that the economic recovery will heavily rely 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.
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.
Reason #5 - Many Government and Bank Owned Homes Available - There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well.
Today is a great time to be purchasing a home. Already there are many homes that are selling. It's a great time to take advantage of the prices and low interest rates before the market starts to turn around. Even if you can't get a bank loan, you may be able to get financing from the seller to get these benefits. Purchasing a home for the first time in 2009 is a great idea and a wonderful investment to make. - 31366
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.
Reason #1 - Prices Have Dropped - You'll find that the average price of purchasing a home is down about 20% because of the crisis and in some areas that drop is even higher. When you purchase in 2009, you'll find this is a great way to invest your money. More than likely the housing market is at the bottom and the value of home is going to start going up. When you purchase now, in the next few years you will probably be able to sell and make a nice profit on the home you purchase now.
2. The government has created a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you don't need to pay it back. The government gave this incentive, because they know that the economic recovery will heavily rely 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.
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.
Reason #5 - Many Government and Bank Owned Homes Available - There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well.
Today is a great time to be purchasing a home. Already there are many homes that are selling. It's a great time to take advantage of the prices and low interest rates before the market starts to turn around. Even if you can't get a bank loan, you may be able to get financing from the seller to get these benefits. Purchasing a home for the first time in 2009 is a great idea and a wonderful investment to make. - 31366
About the Author:
About the author: Susanne Novak is a long-time property investor who helps home owners buy properties at discounted prices. Her blog shows how to find the best Columbus houses and successfully purchase Columbus OH Homes for Sale.
