I get asked this question almost daily. My answer is: It depends. If you have a decent down payment, good credit, and can qualify for a home loan, you should buy your home (especially in this down RE market). Now I am not a fortune teller (obviously) and I am not able to predict what home values will do; if they will rise, drop, stay consistent , or fall off the face of the earth. It is my job to analyze your current situation and decide what is best for you. That being said yes I do believe that if you are in a position to obtain a home loan either conventional 10% - 20% down payment or FHA 3.5% down payment (currently), it would be a wise decision to purchase your 1ST or maybe your 2ND home.
Now, read the following carefully; if your credit is not "good+" (650 - 750 FICO SCORE), you don't have 10% - 20% down payment (non FHA), and/or you just sold your home on a Short Sale, you may not be able to qualify for a loan. I strongly suggest and urge you to check with a good mortgage broker, and/or seek financial counseling before making this decision on your own. If the this paragraph fits the bill, you may be the perfect candidate for a San Jose Silicon Valley "Lease Option - Rent to Own Home". All these scenarios in this paragraph are related to not being able to qualify for traditional financing. Not to worry! We can still get you into a home without taking your 1st born child believe it or not! We are looking for a win - win! Contact our office for details:
(408) 841-9004
http://www.rent2ownhomes.biz
