Hi Erin,

Just wanted to touch base with you and see how you are progressng with your plan, have you begun the search for your new home? Now is a great time to buy, interest rates and home prices are still low and don't forget only 152 days left to take advantange of the $8000 tax credit for first time home buyers!! I would be happy to assist you with finding your new home, or answering any additional questions or concerns you may have about the home buying process. Let me put my knowledge and experience to work for you.

Hi Erin,

Wow! I hope Jaffo's comments didn't totally turn you off to home buying. I guess he had a bad experience in West Irian? Anyway, I just wanted to touch base to see if you have made a decision to purchase. I know you said that your plan was to buy within a year and that sounds like a great plan. Homes have been coming down and interests rates are still very good, so hopefully your feelings of being discouraged have faded. When you are ready, I will be happy to assist you in your home search, along with referring a couple of mortgage companies that I generally work with to help get you pre-approved. You can contact me through my profile anytime you have a question or are curious about any properties in Cranston area or other areas of Rhode Island. I look forward to hearing from you.

Hi, Erin!
You need to talk to a mortgage broker. Not only will they be able to tell you how much you can afford, but if you have issues wih your credit, they can advise you as to how to fix them. They can also give you an estimate as to what your home payment would be. Using that information I would save the extra money above what my rent was, so that you are used to paying a "mortgage" payment every month. I assume by 3/2, you mean 3 bed, 2 bath? They are out there, and in this market there is a wonderful inventory to choose from. Good Luck, and remember this is an exciting time for you!

With all the foreclosures/short sales, there are affordable homes just about everywhere now. Save as much as you can in the next year. I don't think renting is better because in the end you have nothing and you don't get the tax benefits you do with owning.

Not sure what you mean by a 3/2 home? There are still programs for first time home buyers available. Right now if you want to wait a year, then save as much as you can and make sure your bills, (credit cards, car payments) are paid down as much as possible. You will need a good credit rating. As for whether or not renting is better, some people seem to think so. I personally think I would rather be paying a mortgage on my own home instead of throwing it out the window with no return at all. Even if the house didn't appreciate, it's still your house. Prices are still going down, and you should be in a very opportune time in a year for buying. Don't get discouraged, where theres' a will theres' a way!!!