1. Make sure your finances are in order : Because banks have been raising their lending standards, it’s imperative that you know what your credit score is before you apply for a loan. Additionally , make sure that you have paid your bills on time for at least six months to a year before applying. Hickey said it’s important that buyers get approved for the loan before going to find a house, so both the real estate agent and buyer know the range of houses you can afford.
2. Buy for keeps: Although the housing prices are low enough for investors to do business, the real deals are available for first time home buyers by applying for FHA, CHFA loans. There are even local loans available through certain banks that will help pay for the dreaded down payment, said Hickey. In Windsor, there are grant programs that become available at different times of the year. For example, Lamberto said Windsor Federal participates in the Equity Builder program through the Federal Home Loan Bank of Boston. “However, the funds are limited and typically exhausted within a month or so of availability. We will again apply to be accepted into that program for 2009. The funds become available toward mid-year ,” said Lamberto.
3. Be conservative: Given the gloomy economic outlook, 2009 isn’t a good year to stretch your finances. If you do decide to buy a home, make sure it’s a place you can afford. “Make sure you know you can afford it and are not relying on overtime or ‘extra’ income to make your regular monthly payments,” said Lamberto. He said, while overtime and ‘extra’ income are used to qualify a borrower, it’s not good to depend on them to pay for your home, because in a bad economy those are the first things to disappear.
Call me if you are buying a home, get an experienced attorny to represent you.
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