Wow!  Rates are low, tax incentives and the best prices in years!  There will likely not be a better time to buy a home maybe ever.

So what do you need to do?  You already did the first step, you decided you wanted to buy a home.  So now let’s just start through the process.

If you call me first, I will visit with you about what you need and want.  Then I will get you to a lender.  That really is what we need to do to help you know if you CAN buy a home right now or not.

What you need to have in your head before you go is how much of a payment you can really pay.  The lender may qualify you all the way up to $1,400 for a payment.  But if you are paying $800 for rent right now and just barely making it, you better not go for the big payment.  It is a slow and painful road to foreclosure.

You also need to take into account having a little money for maintenance.  So what I am really saying is, don’t max out your check book.  The possible exception to that would be if you are in a job or career that you know there are upcoming raises. In this economy, it is just better to be safe than sorry.

So you may be qualified up to $1,400, or maybe lots higher.  Just make sure you know where the money is coming from to make that monthly payment.  Let your lender know what you want your maximum payment to be and work from there.

Next time we will talk about picking a lender.