Wednesday, December 10, 2008

The New York Times says it so it must be true....

It may be time to think about buying a house!

This applies to all you first timers, who have never owned a home. Most likely you are young, working people, with a steady income. Wouldn't you like to get a big fat tax write-off, and have your own little kingdom where you can decorate to your heart's content, have your own little garden, and new neighbors?

Get out your calculator and determine what 28% of your gross income is... divide it by 12 and that's what your monthly housing allowance should be. This has to cover the loan principal and interest, plus property tax and homeowners insurance. Just to give you an idea of what your payments might be, at 4.5%, your payment on a $100,000 loan would be just over $500. ($506) So if you have 3-20% down, do the math! What are you paying in rent?

You can probably afford a house! If you need to clean up your credit, get on it because there's no time like the present to invest in your first home!

Click on the link above and enjoy the entire article!

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