When is the right time to buy a new home? I often wonder about that. People from work keep telling me NOW is the right time to buy a home. I have 2 kids and a wife and we really want to buy our own home but we're not sure what kind of down payment would be required to get into say maybe a 3 bedroom home. We need at least a 3 bedroom home because my mother-in-law should be arriving here from the Philippines next year so we need to extra bedroom for her. My wife and have talked about this but I haven't spoke to a professional Realtor about this. I guess the first step is to find the right house for the right price then apply for a home mortgage loan.
I've been researching the home buying experience online and learning all the tricks because sooner or later we're going to have to move out of our apartment and find something bigger but I have learned you really need the help of an experienced real estate agent to help you. I wouldn't do this on your own. You can really get yourself in hot water if you don't know what your doing. It used to be that if you had a good credit score you could get yourself into a home with no problem. Now things have changed. Banks are now accepting those with less than perfect credit and can still get an approval for a home mortgage. But from what I understand, it's not that easy.
I checked out some websites that good provide reliable information about applying for FHA/VA home loans. I have previous military experience but discharged under honorable condition so I even checked into getting my discharge upgraded so I can qualify for VA home loan. I'm still working on that but we still are going to need a second income to make this home buying experience work. I'm going to keep on working at this. We already applied for government assistance so only time will tell.