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Are you a first time home buyer or have not owned a home in the last 3 years? Keep these critical considerations in mind:
How long you plan to live in the home.
 The length of time that it will take to cover those costs depends on various economic factors in the area of the home. The Charlotte Real Estate market (2008) is experiencing an average of 1% appreciation per year. In this case, you should plan to stay in your home at least 6-7 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.
How will the home meet your needs.
As a first time home buyer consider the features you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come. Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, the fewer blemishes on the credit report of first time buyers will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders may still provide you with a loan, but you may just have to pay a higher interest rate and fees. As a first time home buyer may also qualify for special programs and housing discounts such as a first time buyer Tax Credit, House Charlotte, NC Bond Program, NACA, and college affinity programs. Please give me a call and I can inform you of additional alternatives as well even some Downpayment Assistance Programs. To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Current Renters
As a first time buyer in todays housing climate many homeowners may pay fees or penalties associated with breaking your lease or moving out of your current apartment early. I can work with you to secure these additional funds to help you buy your first home. If you have any questions please call for additional information. Today is the best time to buy a house for sale in the last 10 years. If you are ready call for a free consultation appointment to discuss your options and discover all of the programs availabe for first time buyers, including custom homes, new construction homes and resale homes
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