So You Thought You Couldn't Buy a Home Now?

Forget the age old adage that had people believing that it takes great credit, a huge downpayment, and a family before you could buy a home. In this buyer's market, there's so many loan programs available for borrowers even with bad credit or no credit. Banks are using various creative financing methods to help borrowers qualify. Likewise, there are so many first-time homebuyer programs and 100% financing programs that assist borrowers in qualifying for a mortgage. Also, more and more unmarried or young people are purchasing homes. Afterall, this is one of the biggest investments you can make.

Of course there are times, when it's best to rent. You may want to put off the purchase if you have unsteady income. Also, when monthly rent payments are cheaper than the average monthly mortgage payments in your area and your income is not enough, you may also want to delay a purchase. Keep in mind that banks will only qualify you for a mortgage (including interest, taxes, and insurance) that won't be more than 33-50% of your gross monthly income.

Therefore, be motivated and just get out and do it. Stop wasting your money on rent and put it into an investment that'll help you grow your money. Think about it this way. All of your monthly rent payments goes down the drain, but the interest portion of every mortgage payment and taxes can be claimed and help to reduce your taxes. Also, when you sell your home, you can realize a nice profit from the equity on your home. As you pay down your principal balance and as real estate appreciates, you're building equity, which is the difference between how much your home is worth and how much you owe.

Contact:

Fabiola Fleuranvil, MBA
Re/Max Marketplace
(404) 437-0078
www.ATLHomeForSale.com
info@ATLHomeForSale.com