I’ll be in my new home for Christmas…

 

credit repairIs now a good time to purchase your dream home?  Well the answer is a resounding yes, if you have the resources to do so.
 
 
The real estate market continues to provide significant opportunities to first time home-owners and upgraders alike.  However, you need to ensure that you meet some basic requirements before taking the plunge.
 
As this article from CNNMoney.com addresses, the time is definitely right.
 
Purchasing a home in the current market is almost certainly going to bring you handsome dividends in the long term.  The days of the 6 month flip may be over, but because home prices have dropped to a more reasonable level, it is probable that normal market factors will provide for a steady increase over a traditional time frame (think 7-10 years). 
 
Additionally, when considering purchasing a home you need to have your ducks in a row.  Do you have enough to put down 20%, and if not is there a government backed program to help with lowering this requirement?  Do you have a stable income?  With the current credit crunch and the state of the job market this is one of the key hurdles that both lenders and borrowers are playing close attention to.  A two year history of stable employment should do the trick in most circumstances.
 
Are you credit worthy?  Perhaps the biggest obstacle is whether you have a high enough credit score to support the loan decision.  If you have had some financial difficulties over the last couple of years, then it is likely time you look at your credit report and see if there are issues on there that need to be resolved before trying to obtain that loan.  If you do have poor credit, please read more of our site and how our team of attorneys and professionals might can help with your credit repair.
About Anthony Candella

Anthony is the founder and Directing Attorney of YourCreditAttorney.com and has been helping consumers just like you understand and improve your credit and financial situation since 2003.