Erica Holm Martin's Blog

I recently had the opportunity to assist a young couple in buying their first home. They were renting an apartment and paying more than they could afford ($930.00/month). They knew it was a good time to purchase a home but didn’t know where to start. I was confident that I could help them find a home with a mortgage payment that was lower than their rental payments. I started by contacting a lender that guided me to an FHA loan program that would fund 97% of their purchase price.

The buyer originally believed that their credit rating was good, around 720; WRONG, his credit score was 569 and his monthly income was only $1,800 in a retail sales position. Working with the lender, and the help of an attorney which his mother paid for minimum, he was able to remove a couple of questionable problems with his prior credit. Since his mother suggested that this was the RIGHT TIME TO BUY and felt that if he could not buy now he may never be able to buy a home she agreed to invest the 3% down payment.

They found a townhouse that was a significant improvement over their apartment and met all their other objectives. Their monthly payment, including their home owner’s association dues, is $200 less than their prior rent. They are very excited and already planning to use their EQUITY to upgrade to a single family home in three years. Seeing young people realize their dream, and helping them establish goals to develop and grow their ASSET is very rewarding to me as a realtor.

With the lowest home prices in many years, as well as the low interest rates, coupled with the proposed $8,000 tax credit for first time home buyers as an added incentive, I agree with the buyer’s mother, this is a GREAT TIME TO BUY.

See below link for additional information.

My listings: http://www.equitynw.com/Vancouver_listings/Ericas_Listings_listings.shtml

Source: http://exceptionmag.com/news/law/000376/8000-home-buyer-tax-credit

Erica Holm Martin

Your Reliable Real Estate Agent

Equity NW Properties

360-699-1111

emwarealtor@gmail.com