Most of the first time buyers I am talking with really want to buy. However, either they are not willing to make a reasonable offer that has a chance of being accepted, or they are just not comfortable in taking the plunge into homeownership at this point in time.

Many are a little nervous about owning a home in today’s environment. They read the paper, see the news, and talk with people who may have lost their jobs. The fact is, in our country, over 90% of the workforce is still employed. I know unemployment has risen dramatically in the last few months, but still, people are working. I’m telling my clients that as long as you have a good job and decent credit (620+); it couldn’t be a better time to buy than RIGHT NOW.

There are lots of reasons why it is an awesome time to buy, including:

1) Large inventory pool in which to find your dream home;

2) Sellers that are willing to entertain “reasonable” offers and terms allowing buyers to get a great price and perhaps all closing costs paid by the seller.

3) 5% interest rates! Come on! Rates aren’t getting much, if any better, despite what your brother-in-law says. (The difference in a 5% rate and the 6.5% rate of 6 months ago is over $152 per month on a $160,000 home.)

4) The $8,000 tax credit. That’s right, our government (us) is actually paying people to buy their first home.

5) Availability of programs through USDA and grants with NJ state housing finance authorities to help buy a home with little or no money down!

Once the clients see that they can afford the home; sustain the lifestyle they desire; and even reach other financial goals such as getting out of debt, they are MUCH more willing to pull the trigger and buy that dream home. As a mortgage planner, I have an obligation to not only recommend the right loan for our clients, but also show them how to balance their homeownership with the achievement of their other goals.

To your success!

Fred Concepcion, Loan Officer
Home Capital Network
fconcepcion@homecapitalnetwork.com