First Time Real Estate Buyers Have Advantages

By David J Emory

First time home buyers have the perfect opportunity to buy a home in today's market. With the numerous programs to assist a first-time home buyer, your mortgage payment could be less than a rent payment and you will end up with a piece of real estate as an investment. Now is the time to take advantage of these programs, due to the low interest rates as well as the excellent purchase prices out there. The programs were established to motivate people who have never bought real estate to do so quite easily.

In addition to the programs that help the first time home buyer, there are types of loans that can be utilized with excellent terms and benefits. Actually, with the lower rates, the attractive low prices on real estate these days, combined with the assistance for the down payment, it makes perfect sense to investigate the possibilities of home ownership. One specific example, if you qualify, would be the assistance program from the local and federal government that can equate up to $25,000 to be used for a down payment.

Of course you will need to meet some criteria and especially have good credit. Therefore, before you enter into any application, get pre-qualified by a lender. If you see where your credit may need some repairing, now would be the time to get it cleaned up as having good credit is by far the most important aspect in applying for a home loan.

Owning a piece of real estate will provide some tax advantages as well. You can use the interest payment that you pay on your mortgage as a tax deduction and keep more of your paycheck as well as having your own home which should increase in value over time.

So if you are a first time home buyer, the time to act is now to take advantage of all the incentives out there for you.

About the Author

David J Emory is a former banker who regularly contributes to the website Banking 2.0.

This article provided just a simple overview. For a more in-depth analysis, read First Time Buyer.

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