A Good Time to Buy a Home
You may have noticed that REALTORS® seem to always think now is a good time to buy and they can usually justify it with solid reasoning. While it can be true in general, a good time to buy has more to do with the individual than anything else. There are four things to consider. It is a good time to buy a home when you have good credit. Since the Great Recession and the housing crisis, lenders have been required to be sure that the borrowers have good credit. This actually benefits not only the lenders but the borrowers because no one wants to buy something that they cannot afford and run the risk of losing it to foreclosure. FHA has the most lenient FICO credit score of 580+. VA requires a little higher at 620 while Fannie Mae guidelines on conventional mortgages require a 700 score. It is a good time to buy a home when you have a good job that gives you the income to qualify for the mortgage and the likelihood that you'll continue to be employed in the future. Tw