I would love to buy a home! But can I afford it?

It is no secret that the housing market is in a slump from coast to coast. Even here, in Raleigh, we are seeing a slowdown in sales and some motivated sellers are dropping their prices. Professionals all across the nation agree on one course of action to bring about recovery: making homeownership available to those who have never owned a home before. Once the hesitant renters enter the market, homes will again begin to sell and the sellers will be freed up to move up, move down, or move out into other areas.



In order to persuade potential first-time homebuyers to take the plunge and buy a house, Congress is considering sweetening the existing tax benefits of home ownership by adding a $7,500 tax credit to those who buy their first home. This money would help pay for closing costs and fees, and would undoubtedly help many people afford their first homes. However, the measure is only a small part of a much larger bill that has become subject to serious political wrangling. It has yet to work its way through Congress and even faces a potential veto by the President in its current form.



The good news is that the state of North Carolina has already implemented a program that can work for you -- right now! The North Carolina Housing Finance Agency (NCHFA) authorizes loans with mortgage interest rates below the market rate and a down payment of only 3%. Now, I know that 3% of the purchase price might sound overwhelming to you but listen to this - the NCHFA also offers a 30-year no-interest $7,000 loan to pay for the closing costs and that down payment.



With tools like these, along with the discounted home prices and low mortgage interest rates, you are living in the best time EVER to buy your first home. I tell my clients that it's like the "Day After Thanksgiving Sale" - slashed prices, low interest rates, and now you know that there is even free money to help you buy! I would be happy to help you compare what you are now paying for rent with what you would pay for a mortgage payment. You will probably be surprised at how close your rent and your mortgage payments will be.



While you might not personally be looking to buy your first home, I'm sure you know several people who are - or who should be! Please pass on this article to them. They deserve to know that they can own their own home. Send them to my website to read the FREE report "How to Stop Paying Rent and Own Your Own Home".