Buy or Sell a Home| Real Estate Pr

If you have ever thought about purchasing a home, NOW IS THE TIME TO DO IT! Interest rates are low and so are prices. Neither will stay down for long.

100% financing is no longer available but you can get a gift or put as little as 3% down. Sellers are willing to pay all of the buyers closing costs just to get out of the home. Many buyers purchase their own home with a monthly pay less than they are paying for rent. Here are a couple of questions to ask yourself to see if you are ready to buy.

1. Do I have at least two months of rent saved in case of an emergency? Open any newspaper or listen to any newscast and you'll hear about all the Foreclosures occurring. The main reason people are losing their homes is they have not been able to put aside reserves. It was hard to do when prices and rates were high. Knowing all the costs associated with purchasing a home is the first step.

2. Do I have a stable job and income? Stable employment is very important now. Lenders want to make sure their clients will be able to meet their obligations. Getting a new job that pays more is a good reason many decide to purchase. Having sufficient income to cover your monthly obligations is the most important factor in getting financed. There are very few programs available today for Stated or Limited Income Documented borrowers.

3. Is my credit good? Notice I didn't say GREAT or Excellent. FHA offers competitive rates and programs for good credit. Prior bankruptcies, foreclosures and judgments will create obstacles but not barricades. Check your credit before you sign a contract http://www.annualcreditreport.com is a free service where you can investigate your credit.

If your answered yes to all three questions, don't wait! Conditions like this will only happen a few times in your lifetime. If you answered no, with the right guidance and coaching you could be in a good position with in a few months.