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Introduction: Today’s Housing Market

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.