Single family homes and condominiums have dropped in price to near 2002 levels — that in itself is so surprising to me, but represents a great opportunity for home buyers and investors. This makes homeowning within the grasp of so many people.
A couple of caveats: Creditworthiness is so very important these day. The FICO score is often a deal-breaker when the rest of a buyer’s purchasing package looks good.
I recently have been working with a couple who are buying a home. They make excellent money and have some money saved, but their credit history is preventing them from moving forward with a purchase because there is a fraud recorded on their credit report. All this is to say that preserving your credit is vital. Paying bills on time is one aspect of that, but checking your own credit report on at least a yearly basis is your annual healthy credit check. You never know what incorrect information has been recorded that might prevent you from reaching your goals and achieving your plans.
On at least an annual basis, you can go to annualcreditreport.com and request a free credit report. Review it and make sure the information is correct. If it not correct, you can get advice there on how to get the information corrected so that your credit report is an accurate reflection of your financial health.