As a result of our struggling worldwide economy, we have all heard plenty of horror stories about people losing their homes and jobs. Due to the near collapse of many of the largest banks in the world, we have also heard that the credit squeeze has made it nearly impossible to open a new line of credit or to take out a loan. As a result, the housing market has nearly screeched to a halt.

Using the Economy to Your Benefit

While there are certainly some markets that are having difficulty keeping afloat during these difficult times, there are other areas throughout the country that still continue to grow despite the troubled economy. In addition, if your credit is solid, there has never been a better time than now to make a home purchase. Not only are home prices at an all-time low in many housing markets, interest rates have also been significantly reduced. What does this mean for you? You can potentially save thousands of dollars on the cost of your home as well as in interest costs.

First Time Homebuyers Make a Purchase

Thanks to the low interest rates currently being offered on home mortgage loans, many first time homeowners are deciding to move forward with their home purchase. Despite the current economic woes, these first time buyers are making the largest purchases of their life. How do you know if you are ready to buy your first home? If you meet the following criteria, you may want to contact your Realtor and start looking for a new home as soon as possible:

You have a solid credit history and score

You have been working with your employer for at least one year

You work in a stable field or you feel confident that your company is prepared to make it through the current economic lag

You have saved the money necessary for a down payment on a new home

Obviously, you want to be certain you are financially prepared to handle making a home purchase. In addition, you need to have a good credit rating in order to qualify for a loan and to receive the best interest rates possible. If you are solidly employed and you are financially prepared to handle the purchase of a new home, now is definitely the best time for you to make your first home purchase.