• http://www.ohiomortgagesolutions.com/ T.C. Strait

    For Fannie Mae and Freddie Mac (Conventional loans) the gold standard for credit scores is 740. Also, one thing that people forget to include in their decision making process is the cost of maintenance on the new home. Hot water heater goes out, plumbing problems, new roof, etc, etc. Got to plan for emergencies.

  • http://www.debt-tips.com/ Kris

    If you have the money and the timing is right, why not? The market is good for buyers, and interest rates are low, so you might get a great deal.

  • http://tiethemoneyknot.com/ Tie the Money Knot

    This seems like a decent time to buy in some places, based on the combination of prices coming back down to earth, and super low rates. Of course, I still think that there will be room for prices to drop more in some places.

    Having said that, regardless of market conditions, I think it’s important for people to focus on needs vs. wants, and not let emotion get in the way of a purchase. In that regard, it’s not so much “show I buy a house now”, but “WHAT KIND of house should I buy now”. That latter question is, I believe, what trips up a lot of people. They buy on want vs. need, and based on how much the could afford if they “stretch”, as opposed to what they could truly comfortably afford.

  • http://www.sailmortgage.com/mortgage-your-house-not-your-future/ Pittsburgh Mortgage

    I’d say the biggest factor right now is whether or not you can afford a big down payment and get signed onto a fixed-rate mortgage. Rates are at record lows, so if a house is what you REALLY want – why wouldn’t you buy? I’d say it’s only a bad choice for people who would only be able to afford an ARM, since rates are only likely to increase in the near future.
    Well, I’d also advise against buying a home for its own sake. Some people just don’t really want to buy, but they get pressured into homeowning because it’s what they’re “supposed” to do.

  • http://www.manhattansgreatest.blogspot.com/ Dennis The Menace

    Its as good a time as any to buy a home interest rates on home loans are under 4% you cannot beat that.

    • Malaysia Jill

      I’m going to buy, but only when I’ve saved up enough to pay in full, in cash.

      While waiting for that, I will make smart decisions with my money:

      1) Paying off my debts as they come to me. Never holding a credit card balance longer than a month. If this means living in a small studio apartment and eating ramen, rice, and beans, so be it.

      2) I will always buy small, fuel efficient and durable cars. I drive a 2006 Honda Civic now. It costs me nothing to fill up and next to nothing to insure ($26/month from 4AutoInsuranceQuote… woohoo!). I will not drive when I don’t need to, and use public transportation whenever possible.

      3) Developing multiple revenue streams. Doing side jobs. Building up small businesses. Doing contract work. Basically doing whatever I can to generate income from multiple sources.

      4) Grow my revenue and assets no matter what. Make sure I am always expanding and develop them to the point that they consistently generate reliable cash flow.

      5) I need life insurance to protect my daughter, but I ditched a $275 a month whole life policy for a policy and now I only spend $25 a month. I save the difference to my Roth IRA.

      6) The most important one – make as much as I can. Save as much as I can.

      • Parry

        Essentially, you are not living a very comfortable life. Hmmm, that’s a tough one.

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