It is 2010. You’re a first time, or maybe even a second-time, homebuyer and you still aren’t sure if buying a home is the right thing to do right now. Maybe you won’t qualify for mortgage financing. What if home prices haven’t quite bottomed out yet?

Perhaps, you don’t know where to start. After all, buying a house is such a daunting task; perhaps, you are just not ready.

Malarkey!

I am confident the first four months of 2010 will prove to be a watershed event for homebuyers. Never in our history has a confluence of events occurred that creates a stronger “BUY” signal than today. Let’s take a look at why you’ll be kicking yourself a year from now, wishing you had listened to everyone who advised you to take the plunge.

First, the $8,000 first-time homebuyer tax credit will expire at the end of April. If you haven’t owned a house in the last three years, you are literally throwing money away by not buying. The tax credit is a dollar-for dollar offset of your Federal Income Tax liability, and as a refundable credit, you get it even if you don’t owe that much in taxes! Even if you’ve owned a home, the expanded credit still gives you $6,500 as long as you’ve been in your current home for five years. Low to moderate income buyers even have the opportunity for additional assistance through various state and municipal down payment assistance programs that can further reduce their out of pocket expenses.

Contributing to home affordability home loan rates, which are at or near low historical levels. The Federal government has been keeping rates artificially low to help the housing market recover, but this won’t last. More than likely, the Fed “subsidies” will end sometime in the first half of this year, meaning rates will rise and you won’t be able to buy as much house as you can today.

Now, qualifying for a mortgage loan has become more difficult; you actually have to pay your bills and have enough income to repay the loan. Nevertheless, if you have just a few nicks on your credit report, they can often be overcome in the matter of a couple of months with some assistance.

Another reason to act now is potential changes on the horizon for FHA mortgages. FHA loans currently allow buyers to get into a home with as little at 3.5% down, and also offer much more flexible qualifying criteria than conventional loans. However, FHA is considering changes to their program that could increase down payment requirements, increase mortgage insurance premiums, reduce the funds sellers could contribute to cover closing costs, and tighten up qualification guidelines. Those borrowers who act before any of these potential changes take place may have a far easier time getting into a home.

Finally, home prices have fallen significantly from their highs during the real estate boom. Home prices nationally are down more than 25% from their 2006 peaks. Some markets, like Las Vegas and Phoenix, haven’t seen home prices this low since the early part of the decade. What this means to you is a great deal. Imagine if you had an opportunity to buy IBM in July of 2002 at $69/share, would you do it? Incidentally, IBM is trading around $130/share today.

Overall, housing affordability is at its highest point since the mid 1970’s (I think Barry Manilow’s “Mandy” was #1 at the time). Courtesy of the real estate meltdown, buyers today are getting a steal in historical terms. Waiting even a couple of months could cost you thousands of dollars in combined tax credits, interest, closing costs, and home equity, so stop making excuses and contact a Houston-area mortgage lender to get pre-qualified. It could be the best financial decision you will ever make.

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Some people say that life is fleeting – and indeed it is. One moment you’re playing with dolls, and the next you’re falling in love. Then, before you realize it, you’re working and trying to find a place to say. It’s just part of life. Unfortunately, life could be quite stressful. And intoday’s competitive pace, people sometimes have to wait for years and years before they can really experience “the good life”. And by then, they’re usually made bitter and cynical by all the years of suffering. So, I wonder, why wait? Ask for a loan, then live a better life nowadays.

Need to get through college? Get a student loan. You need a car? Get a car loan. You need a crib? Take a house loan. All you’ll ever require is a stable income that allows you to pay for the things you want in staggered amounts. You don’t have to get stranded in a dump if you don’t want to. If you maintain your life on track, you should not have any problems living the good life. But how exactly do you keep your life on track and your loans in check? Easy, just take note of these three things and you should have no trouble.

Good Credit, Poor Credit

First of all, if you’re going to apply for a loan, be certain that you yourself are trustworthy. People who have impressive credit ratings are given lower interest rates. People with bad credit rates, however, would not only find it difficult to get a loan, they also have higher interest rates and receive fewer reprieves. If they miss a few weeks of payment, the creditors are usually on them like hounds. So, if you’re going to get a loan, try to improve your credit rating first. You are able to save a great deal of money in the long run.

Loan only the Proper Amount

A general rule in applying for a loan is to loan only the amount of cash that you can afford to pay off. Take for example, if you’re going to get a car loan, make sure that the monthly fee isn’t 15% of your monthly take home salary. For a home loan, make sure that it won’t exceed 25%. This is very important, because you don’t want to be crippled by your debts. Keep this mantra in mind and you should be okay: Live according to your means.