Quote:
Anyways, after the engagement ring and wedding, its time to save up for a house. I dont really follow or know much about the housing market but I assume its hard to get a loan from the banks now regardless of your credit? How about trying to find houses? When's a good time to start looking or buying? I know we can start looking at foreclosed homes. In other words, what do you think about the housing situation and its future within the next 2-3 years? I personally prefer to buy a house that I would live in while raising my kids. I dont want to be moving to a new house because we outgrew it.
Credit standards are the tightest I can remember. The Fed is trying to keep mortgage rates low to spur a refinancing wave and to encourage new home buyers. Keep watching for developments on government plans, but they are trying to make things more accessible and affordable for you. The Fed is trying to foster an environment where new home buyers can potentially begin setting the bottom in the housing market. I would avoid foreclosed homes unless you have a thorough inspection done because you never know how much damage you will have to pay for after moving in.