Go from renter to homeowner in ‘08

You’re renting a home now, but for a number of good reasons you want a home of your own. Even though the housing market may have changed a bit, your dream could easily become reality. With a good credit history, you wouldn’t be far away from that home of your own.

We are fortunate enough to live in a time when there are numerous types of mortgages, loans that have been designed to work for different kinds of buyers depending on their financial situation. Some of the mortgages even come with a grant for the down payment.

This may work for renters who have not been able to save money for their down payment on a house of their own. A word of caution – read the fine print on your prospective mortgage and make sure you know exactly what to expect for current and future payments.

If your credit is good, you can purchase just about any home that is reasonable for your situation, a home that you like and have the ability to pay for. No mystery here. If you are a veteran, you can purchase a home with zero down-payment. That’s not as good as grant, but darn near.

If you’re serious, make a plan. How much is the current rent you are paying? If you can handle that amount, it will give you an idea of your housing needs. How’s your credit? If you are not as proud of it as you would like to be, get to work on getting it fixed. Check with a local mortgage company to determine how much financing your situation can handle.

To continue your education, take a look at Open Houses that are scheduled on weekends. The list is in The Spokesman’s Real Estate section. Going through Open Houses that have appeal is one of the best ways to know the current market conditions. Touring Open Houses is FREE and you can learn a lot.

The refreshing part of this is that you will know exactly where you are in the home buying situation and that makes it easier to get where you want to go.