The American Dream

Home ownership has long been considered the American dream. Many of our ancestors came to the United States to find their own dream of finding independence, freedom, and own their own piece of the world. Real estate these days is a long way off from the original homesteaders. You now have to meet certain criteria to qualify to own a home. Many of us, for one reason or another, believe we can't afford to own a home. The truth is that you may be better off than you think. Here are some common myth's and the facts that bust them.

Myth #1: "I can't afford a house payment."

Truth #1: Chances are that if you do not own a home, you are paying rent. Generally speaking, for the same amount you are currently paying in rent, you could afford to make the monthly payment on a similar or, most likely, nicer home than what you are living in now.

Myth #2: "My credit isn't good enough to finance a home."

Truth #2: You're not alone in feeling this way. Many Americans have had credit issues and may doubt their own buying power. However...did you know that the Feds recently lowered the minimum credit score eligible to secure a home loan? And because a home is stationary and considered by most as an investment, banks are more likely to approve you for a home loan than a loan for a new car. If you're not sure, talk to a specialist or a loan officer to see how you can work to improve your credit rating. The best way is to always pay your bills on time.

Myth #3: "I need to make a huge down-payment."

Truth #3: If you have the means, I absolutely recommend a nice down-payment and financing for the shortest amount of time available. However, many do not have that luxury....Yet! But that's another post. There are several programs available that can minimize your down-payment. If you are a Veteran you may qualify for a VA loan that can offer up to 100% financing. That means no down payment in many cases. There are also FHA loans that only require a 3.5% down payment. You can also talk to a local loan specialist to see if there are any additional programs in your area that allow for low or no down-payment options.

So, the home ownership part of the American dream may not be out of reach after all. If you truly want to own a home, make it your goal and focus on the things you need to do to make that goal a reality. You don't have to make it all happen at once, either. Some things take time. The best things in life take time. Just don't give up!

If you are ready now, then take the next step. Find a Realtor that will help guide you through the process and show you the steps you need to take to make your dream come true.

I will be glad to help you if you're in the Columbia, SC, Lexington, SC, or Newberry, SC areas. If you're elsewhere and don't know an agent, let me help you find one in your area. I have an extensive network of agents across the globe who would be glad to help you.

I can also help you find a loan specialist to answer any questions you may have about getting financing on a new home.

www.HomeOnLakeMurray.com
www.HomeInColumbiaSC.com

Waiting to buy a home? Well, Don't!!!!

Rumors are circulating that due to improvements in the economy, some investors are moving their investments from the safety of the treasury and putting them back into the more risky, but rewarding stocks. What this means to you is that the low low interest rates may begin to climb, putting a greater emphasis on buyers to get off the fence and buy now.

I have heard that the rates may have jumped nearly .5% overnight. That translates to about a $5,000 price increase when considering your monthly mortgage payments. All signs in my local market suggest that housing prices are bottoming out and with the likelihood that rates may increase soon, you need to get serious about buying. Waiting any longer could cause you to miss it completely.

Start your home search here where you can customize and save your searches so that you can receive a new e-mail whenever there is a new or updated listing that matches your search.

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Get a FREE real world home valuation here to see what your home could bring in today's market.

Your Realtor of Choice,

Greg Worley
Keller Williams Realty
www.HomeInColumbia.com

2009 Home Buyer Tax Credit can be used as down payment

Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today's Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

This is great news for first time home buyers. If you would like more information about the market conditions in the Columbia, Sc area, please contact me through www.HomeInColumbia.com