Renting? Want ot Buy a Home? Don't Wait! It is now less costly than you might think.

You've been renting.  You dream of one day owning a home, but just can't see it happening in the near future.  Why? Because you've heard that banks aren't loaning money.  You've heard that you need 20% down to qualify.  You've heard that your credit score has to be above 740.  Right?  These are common myths that get propagated from one person to another, but are not true.

So what is the truth?  The truth is that you can qualify for an FHA loan if you have 3.5% of the purchase price to put down and a credit score of 620 or better.  So why don't more people know about this?  It is simply because a lot of people have never heard of an FHA loan.

If you have or can come up with 3.5% down and you have a credit score of 620 or better, you are well on your way to home ownership.  Home prices are back in line with historical norms.  Interest rates are still low.  It is a perfect time for renters to buy.

The catch?  There is none.  If you meet the criteria mentioned above, you can qualify and you can buy a home now.

Let's look at the costs.  For every $100,000 you finance, you will need $3,500 down, that's it.  There will be closing costs as well that may be in the range of 3 to 5% of the purchase price.  However, based on the amount you qualify for, you may be able to finance the closing costs, or get the seller to pay the closing costs or help with the closing costs.

Knowing the above, you need to find a great Realtor. You have nothing to lose.  However, you could gain a home of your own.

Do not wait!  Prices will go up again and so will interest rates.  Do not count on the media to tell you when the right time to buy is.  If you do, prices and interest rates will be on their way up, and you might not qualify.  Act now.

Derick L. Drumm is a Real Estate Broker, a Realtor®, a Graduate of the Realtor® Institute (GRI), and has a certificate in Internet Professionalism (e-Pro).  Derick has lived in the Bay Area all of his life and graduated from Oceana High School in Pacifica.  He served his country for almost seven years in the United States Navy where he attained the rank of ETI (Electronics Technician First Class, or E6).  Derick later graduated from the University of Phoenix with a Bachelors Degree in Business Management (BSBM). He was licensed by the State of California as a Real Estate Broker in November of 2005, just as the market peaked and began its descent.  Derick has found success in this declining market by focusing on the success of his clients and ensuring that his clients receive outstanding customer service.

Derick is currently an agent with Keller Williams Benchmark Properties in Fremont, California.  He may be contacted directly at (510) 432-0617. Alternatively, he may be contacted via his website at http://Tri-City-Homes.com or by email at Derick@Tri-City-homes.com. His mailing address is: 39500 Stevenson Place, Suite #108, Fremont, CA 94539.