When to Take Advantage of the Current Housing Market..

Q: Looking at the housing market, I would like to take advantage of the low prices. I have a good credit rating but I don't have much in the way of a down payment. Should I wait six or so months to see how much money I can save to put down, or should I still go ahead and try to purchase now? Are there still any programs to help with a down payment?

Right now many banks require buyers to put more than 10% down on a purchase. Given the economic climate of today most banks have adopted a far more conservative approach to lending. You may want to wait and see how the credit crisis and general economic condition of the country evolves over the next 6 months. Generally speaking, the economy tends to pick up psychologically following a presidential election. So if you are a country first voter or change you can believe in voter, the fact that we will have a new commander-in-chief will probably help the economy. If the economy does gain strength, you will see banks relax some of their lending policies which will enable people to put less down. You should also consult with a mortgage broker in your neighborhood to see what programs and rates are available for you.

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