Hi Tracy - Looks like you have received some great information thus far. Before you go looking for homes (whether you will buy now or 6 months from now) , it is important that you have all the facts in front of you so you can make the best decision for you and your family.

It is a great time to buy, however it must be a good time for you also. As the others, I would suggest that you talk with a mortgage professional that will walk you through the pre-qualification process and provide all the information necessary for you to make a sound decision. Doing this will allow you to plan accordingly and no suprises. There are several great first time home buyer programs available to you in Rapids.

I wish you the very best. If I may be of service to you and provide more detailed information, please feel free to contact me. Also, please visit my website where you will find more information to assist you in making your decision. Make it a great Sunday!!!!!!

Gwenn Tanvas
Mortgage Planner
888-396-6159 press 0
920-858-1203 cell

http://www.wisconsinloantips.com

Buying a foreclosure means having to act quickly. They often sell the day they hit the market and contrary to popular belief there aren't that many in Wisconsin. The best thing if you are serious about buying a home is working closely with an agent who can monitor the listings for you. It might take a few swings but eventually you can get one.

Tracey:
Darren has some great thoughts on your question.
Your comment: "With the financial situation I'm in right now, I wouldn't buy a house!" makes me think that you and your husband might want to get pre-qualified or pre-approved at a lender of your choice. Buying a foreclosure property is still buying a house - just one that is owned by a bank. Payments, insurance, taxes, maintenance, utilities, etc. are all paid by you, and these amounts vary as the price of the home does.
In some cases, the bank that owns the property will offer a favorable mortgage to a qualified buyer.
1. Connect with a local lender and get your financial situation checked out. It should cost you nothing for a pre-qualification. If you get a go-ahead:
2. Hook up with a local real estate agent. Have that person help you navigate through the local market and assist you in locating a home you will love, AND be able to afford.
Best wishes!

Tracey- It might be a good time for you to buy, it might not. I'd suggest, based on all the questions you have regarding financing, that you find a reputable mortgage lender and ask to sit down with them to have a "pre-qualification" discussion. This is typically at no cost to you but in that meeting they can explain all of the ins and outs of financing a home, what a typical monthly payment would be based on the amount of a loan you might qualify for and even cover what special government financing programs may be available to you.

As for whether or not now is a good time-it depends upon your timing. What I mean by that is real estate, traditionally, has alway appreciated in value over time. The key is the "over time" part of this statement. If you know you'll be in the home for 4-5 years minimum, then you should see some adequate appreciation for the time and money spent. Along with that you'll see a personal income tax advantage as you have the opportunity to write off the interest paid toward the home loan in that timeframe as well.

How to get started? It would be best if you called a well known and well respected REALTOR in your area. They have great connections in the industry and can get you in touch with a lender who can help you get a sense of what you'll qualify for in a mortgage and more importantly, what you'll be comfortable paying on a monthly basis toward the mortgage. Beyond that they will be in tune with the local real estate market and can guide you through all of the questions regarding what to buy, what price is fair for a property, what opportunities there might be in the foreclosure market, etc....

Good lukc and great question!