Friday, November 18, 2011

Can I Buy a House with Bad Credit or No Money Down in Alamogordo?

Can I Buy a House with Bad Credit or No Money Down in Alamogordo?

This is probably one of the more searched for questions when it comes to buying a home in Alamogordo, and any place for that matter. So many people want to buy a home and SHOULD buy a home. Not only because of the amazing deals and rates right now but for the overall sense and reality of home ownership that buying a home can mean.

If you're planning on staying in a home for at least two years, buying is the way to go. If not, renting may be more in your favor because, let's be honest, this is not the ideal market to buy a home in. But if you're buying to stay for a while, it's a great time. In fact, the last few years have gotten better and better in terms of buying and owning a house. So this begs the question... should you wait a little longer? Will interest rates drop further? Will I get a better deal on a house?

The answer? Yes and no. The yes means you may get a better rate, although not too likely. What that means on a mortgage payment is minimal; not worth waiting if you find the right house. The no means you won't get the better deal on the house you really want. When searching for Alamogordo real estate find the home you really want. Don't find it just yet? That's ok. Just keep looking because now, and shortly in the future that home will make it's presence on the MLS and then it will be the perfect time to buy.

Don't wait too long. It's like having a baby; there may never the exact perfect time. That's when you find the right home, just buy it. Don't hold off waiting for it to go lower or rates to drop. NOW is the time to buy THAT home. If you're considering looking for homes, this time in general is perfect regardless of your current financial situation. Why? Because whether you are qualified or not, you can KNOW now and plan for the future.

A good lender will tell you know if and when you will qualify for the home of your dreams. There are many home loans and programs that will allow you to find and purchase the right home at the right rate, RIGHT NOW. If you are not ready, right now, your lender will tell you what you need to do in order to be approved within the next 6 months. 90% of the time that's all it takes to get your credit on track enough to own a home.

Are there programs for no money down? Yes! If you qualify, and it's not that difficult, you can apply for a USDA home loan which allows for zero down home loans on qualifying Alamogordo properties. Plus, there are still FHA and VA loans with very little down and better mortgage rates.

So how do you find out if you qualify? Contact the Coldwell Banker local brokerage in Alamogordo New Mexico. They can help you find the right lender, the right loan and of course the right Alamogordo home for your needs. 575-437-1137 | cbsn@cbsn.com

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