Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: November 2012

First time buyers get ready to buy your home in 2013

Buying a first home remains the goal for most people and families. It has become more difficult for some over recent years, but for those who can qualify, it has never been more affordable.

  • Rates continue to be low
  • Home prices remain low, even with recent increases
  • Low down payment options are available
  • Rent costs are increasing rapidly

If you wait to purchase, you may very well miss out on this perfect conjuction of opportunity to buy your home. First time home buyers may not be fully aware of how unique a market opportunity we are in.

It will not be this way forever.

Qualification however is more difficult than in previous markets.  With the Internet home search tools so easily available, home buyers are searching for that perfect home and the perfect price.

"We can make that house payment and live in that house. It is much cheaper than what we pay in rent, and it is a much better home."

This statement is repeated to me almost daily, but many who tell me this are not qualified to purchase.

Lenders review three primary areas to determine your qualifications:

  • Income and debt levels
  • Assets
  • Credit history and scores

 The documentation you provide must be thorough and detailed.  One of the biggest problems is with asset documentation. And credit is a problem with many who want to purchase a home.

If you are interested in taking advantage of this home buying market, it is vital to review your loan qualifications in advance. Learn about the buying process. Learn about the home loan programs. Learn what specifics you need to do to be ready to buy a home in 2013.

 


Thank you for visiting. This is the professional blog for

Richard Smith
NMLS# 184479 TN# 104002 GA# 28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development ( USDA), and Jumbo Loans


Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Sierra Pacific Mortgage

Cell phone: 423-280-0345 Email: Richard.Smith@SPM1.com

Visit my website to inquiry about a home loan.

Read my most recent articles in Scotsman Guide.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Sierra Pacific Mortgage. 

Comment balloon 2 commentsRichard Smith • November 08 2012 07:29AM
First time buyers get ready to buy your home in 2013
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Buying a first home remains the goal for most people and families. It has become more difficult for some over recent years, but for those who can qualify, it has never been more affordable. Rates continue to be low Home prices… more