Many
first
time home buyers
contact me when they get the call from their landlord that their lease
is up
and they are going to increase their rent $50 per month. Out of anger
they call
me and say, “I’m ready to buy, my landlord is raising my rent again!”
I do love to hear these words from a potential buyer, but there are a lot of things I want a potential buyer to do before I think they are really ready to buy. The first of those is to look at a rent vs buy calculator and see if, at this time, this is really the best option for them.
Right now is one of the best times to buy with homes prices being at lows not seen in over 5 years. Interest rates at record lows and there are even great programs out there for first time home buyers, including the Oregon Bond Program. (Temporarily out of funds) But, the federal government has the biggest incentive out there. If you are a first time home buyer, then you can get an $8,000 tax credit. (But that is only available until December 1, 2009.)
Unfortunately, the down payment assistance programs that Oregon offered are also out of funds like the Oregon Bond Program, but hopefully, with the Oregon budget, they will be put back in to place. There were also some other down payment assistance programs in the past, such as Ameridream and Nehemiah programs, which were cut by the federal government in late 2008. These programs were good help for down payments, but you still had to pay them back. They were all included in your loan, but in many cases it made it very hard for the house to appraise.If you are in the market for your first home and would like to sit down and discuss what it would take to become a home owner and how financially it will change your life, I would love to talk to you about your dream of home ownership and help your family home.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Todd, I have taken this tack with several clients. I'd rather see them rent than buy a manufactured home in a park.
Great Post Todd.
Another great calculator is the one on Dave Ramsey's site so they know how much goes to principal and what goes to interest each month, so they can fiddle with it and know how to turn a 30 year into a 15 year mortgage on their own as they can.
Great tips, and good knowledge for buyers on programs out there, or modifications to programs.
Too bad so many families have had their credit ruined and can't buy right now.
It really is a shame how many people try to over extend themselves just to get in to a home. I think home ownership is great, but to practically bankrupt yourself to do it isn't worth it.