In today's real estate market, the road to homeownership is a tough one and you can't afford to make a wrong move and ruin your chances of achieving the American dream of owning a home. The Ultimate First Time Home Buyer Guide will tell you why owning a home is better than renting, what exact steps you need to take in buying your first home, how to qualify for the best zero to low down payment programs, which first time home buyer programs are best for you, how to apply for the program, what creative financing options are available, how to improve your credit and increase your credit scores, why foreclosures and short sales are great deals, what are some of the pitfalls to avoid, and tips to improve your chances of getting approved for the first time home buyer program. <br><br>Buying a home is difficult today but if you make a decision to do whatever it takes to own a home then you will soon experience the joy of being a homeowner.
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Gerald J.D. Tribuzio. Ultimate First Time Home Buyer Guide
Introduction: Today’s Housing Market
Chapter 1: Rent Versus Owning Home
Chapter 2: First Home Buyer Steps
Chapter 3: How To Qualify For The First Time Home Buyer Program
Chapter 4: First Time Home Buyer Programs
Chapter 5: First Time Home Buyer Application
Chapter 6: Creative Financing
Chapter 7: How To Improve Your Credit
Chapter 8: Foreclosures/Short Sales
Chapter 9: First Time Home Buyer Loan Scenarios
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There has never been a better time to purchase a home with rock-bottom prices and mortgage interest rates at all-time lows which is the good news. The bad news is the fact that mortgage lenders want perfect loans and it is a loan officer’s job to make you look perfect. Several years ago the only requirement to get a home loan was a pulse and then the house of cards came tumbling down and the toxic sub-prime, exotic arm, and no income documentation loans caused many lenders to shut their doors. Homeownership is now a privilege and you need to do your homework and gather an arsenal of information so you can achieve the American Dream of owning your own home. Renting is not an option. Landlords are not paying their mortgages and tenants are being evicted who had no clue that their landlord stopped making payments to the mortgage company even though they made their rents payments. Also, the cost of renting is starting to escalate due to a supply shortage caused by displaced homeowners who have been foreclosed upon. Finally, if you don’t get a mortgage now then your ability to qualify may disappear because mortgage rates will go up, home prices will rise, and lenders may stop loaning money. Lenders will continue to tighten their guidelines with higher down payment and credit score requirements and increase their interest rates and mortgage insurance premiums to offset the losses created by the bad loans of the Sub-Prime Crisis Era. I think you have to take control of your life and decide if you want to own your own home and do whatever is necessary to make that a reality. The best news is that there are still some low to zero down payment loan programs available which can help you achieve the goal of homeownership but you must not waste any time. I hope this first time home buyer guide will help you improve your life for you and your family and figure out what you need to do to own a home before the opportunity of a lifetime is gone.
Best way to build wealth-Over the last 100 years it has been proven that buying a home is the best investment you can make. For example, if you purchased a home for $80,000 (adjusted for today’s dollars) after The Great Depression you could have sold that same home eight years later for $110,000. You would have made $30,000 during one of the worst busts in the housing history. Today, we are facing a similar housing market and now is the time to buy. You need to get in your car and drive around your neighborhood and you will see foreclosures and short sales on every block and these homes are the some of the best deals you will see in your lifetime. There is a big inventory of underpriced homes but how long will it last? I think prices are starting to bottom out and there are a ton of first time home buyers sitting on the fence waiting for the right time to buy. Once prices start moving up there will be a mad rush to put offers in on these homes and prices will move up fast and you may miss your chance to purchase a home at a bargain basement price. Please don’t wait before it is too late. What do you have to lose? For example, if you purchase a home for $100,000 and you put down $3,500 and the seller pays your closing costs then your home needs to go up $3,500 to break-even when you sell it. Remember, you only lose money if you sell your home when the market is down.
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Stop paying your landlord! The money you spend every month might as well be thrown in a furnace. See Figure 1.2. If you pay $900 month rent and your rent increases 10% per year then you will pay $172,000 in rent payments over a 10 year period. Wow!
