Are You Ready To Buy A New Home?

Posted By on January 26, 2011

2011 looks to be a great year to buy a new home! If you are sitting at home and are on the fence whether or not you should take the leap to start looking at some new homes here are a few signs from homebuyinginstitute.com that you are ready:

1)      You’ve been watching home prices in your area.

  • Something things to consider according to homebuyinginstitute.com Are you buying a home in a city which had a big bubble/bust in the past few years? If so chances are the prices will fall even further in 2011.
  • Or if you are living in a city that has been stable homes prices during the housing bust then there is a better chance that your new home will retain value.

2)      You’re putting money aside.                                                                                  

  •     The idea of having no down payment is virtually gone, unless you go with a VA or USDA loan which even then has parameters. If you don’t qualify for one of these loans then you will be required to have a down payment. Majority of loans will be FHA(Federal Housing Administration) which usually requires 3.5% of the sales price for down payment. Another cost that you will incur is closing costs and prepaids. Sometimes a builder is also willing to help with those. A lot of buyers are unaware of these extra costs incurred with buying a home so start putting a few bucks away each month to help with those costs.

3)      You have a FICO credit score north of 600.

  • When it comes to getting a loan your credit score is the main driver. Although most FHA loans require at least a 620 score it is important to clear up anything driving your credit score down. The smallest of things will drive your credit score down. Even more, if you have EXCELLENT credit then chances are you can qualify for an even lower interest rate which saves you money!

 

For the full list of signs you are ready to buy visit, Www.Homebuyinginstitute.Com

After all builders are offering once in a lifetime incentives, historically low interest rates are being offered and you can get the most house for your buck right now!

If you have any questions about getting pre-approved for a home loan or to get a free credit report to begin your search for your new home, don’t hesitate to contact Potterhill Homes at our website or Call 513-248-4428 today!

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About the author

Katie has been with Potterhill Homes for over 3 years. She works on the technical side at Potterhill Homes, maintaining the website and assisting in Marketing Campaigns. She Currently resides in Cincinnati where she enjoys shopping and watching sports.

Comments

One Response to “Are You Ready To Buy A New Home?”

  1. Katie says:

    Thanks for the Comment! We work hard on our blog and appreciate your comments! We are contstantly looking for intersting content and I am happy you found this one useful! Check back in the future and Let us know how we are doing!

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About Potterhill Homes

Cincinnati-based Potterhill Homes is a premier builder of affordable, environmentally friendly homes in Greater Cincinnati. Our homes are built with traditional Cincinnati architectural styles and are perfect for both urban infill and suburban development. To learn more about Potterhill Homes,visit www.potterhillhomes.com.


About the authors

Katie has been with Potterhill Homes for over 3 years. She works on the technical side at Potterhill Homes, maintaining the website and assisting in Marketing Campaigns. She Currently resides in Cincinnati where she enjoys shopping and watching sports.