Profile picture for lwiden

Help for 1st Time

It's great that those who need help in keeping their houses will finally get some.  But what about those of us who were not foolish enough to get into a house they could not afford?  What about those of us who CAN afford to make a house payment but don't have the means for a large down payment that is now required?   What about those of us who pay their exorbitant rent, on time, all the time?  Shouldn't we get some sort of a break to also have the American dream?  Since we were smart enough not to fall in the the "take this house now and worry about paying for it later" trap, shouldn't we get some sort of help?  Will the new tax credit help someone in my position?   I have very stable employment - 12 years with the same co and a good salary.  My husband has not been so lucky and is currently laid off.  Can I risk buying on my own without a steady second income?  Any advice would be most welcome!  Thanks
  • February 24 2009 - Northwest
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Answers (3)

Profile picture for LyndieQ
eligible
  • February 25 2009
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Profile picture for LyndieQ
The only people on Zillow who make the claim that it's a great time to buy are agents.  If housing prices are still dropping, how do you know they're at "rock bottom"?  For that matter, if housing prices are still dropping, why wouldn't we wait?  lwiden, can't you find a place with lower rent and hold onto your money until things really are the best buy possible?  What's your hurry except for exorbitant rent?  I 'spose if the tax credit would cover your downpayment it would be worth it, but if you live in an area with exorbitant rents, I doubt the tax credit will help all that much.  Still, if we were exligible, it might make buying a consideration at least.  For now, renting is the best possible choice for us.  Read some of the other posts on this forum concerning the benefits of renting, and go to some of the many URL's posted.
  • February 25 2009
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You will get a better loan rate if both you and your husband co-sign on the loan, which can save thousands over the cost of the loan. There are some programs for first time homebuyers, particularly in larger cities that are looking to stabilize their home base. This doesn't mean you need to buy a home in the most distressed parts of a town. The programs are open to all people in all neighborhoods.

Personally I would be more concerned with having five months of expenses socked away in a savings account before considering taking on additional debt, like a mortgage. But that said, I think it's a great time to buy a home with interest rates at historically low rates and housing prices near rock bottom (they're still dropping).
  • February 24 2009
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