A very knowledgeable loan originator, Jeff Belonger in Cherry Hill NJ just posted a very good explaination of the rules as they are today. Rather than re-invent the wheel, see Jeff’’s post here.

Why does an agent in Sun City worry about first time buyers?  Because I also serve the family communities of Glendale, Peoria and Suprise AZ. All of these communities have excellent opportunities for the first  time buyer to own their own family home.

Jim Little, your Sun City Neighborhood REALTOR®

1. Do you plan on living in the home for 3 to 5 years?
2. Do you have a stable job or retirement income?
3. Are rents and rental occupancy rates increasing in the area you wish to live?

If you answered yes to these three questions, now is the time to buy a home.

If you want a great buy, and could care less about keeping up with the Jones. buy the house that will provide a HOME for you and your family.

The tactic many buyers seem to be taking now, that of attempting to time the market, is self-defeating. Attempting to "time" the market and buy at the bottom, is as difficult as trying to "time" the top and sell at the top. If you don’t believe me, ask the many thousands of real estate "investors" who have filed for bankruptcy recently.

When considering buying a home for you and your family, a few very important things must be considered.

1. Pick a home with a good LOCATION! Homes with good locations sell when nothing else will.
2. Pick a home with good fundamentals. Don’t buy one with an odd floor plan, a lot too big or too small for your needs, too few or too many bedrooms or baths, etc.
3. Get a loan approval FIRST! Interest rates are still near historical lows, and if you are buying a normal family home, fixed rate conforming loans are still availabe, but the seller will need to know you are prepared to buy the home before taking the home off the market. Your real estate agent should be able to help you with this.

Jim Little, Your Sun City Realtor
http://jclittle.com/
Ken Meade Realty
17001 N Del Webb Blvd
Sun City AZ 85373
800-877-1776
623-977-1776

By the way…if you know someone who is interested in buying or selling real estate in the Sun City Neighborhood, Peoria, Glendale or Surprise, please call me with their name and phone number. Thank you!

>About The Author

As a full time agent with Ken Meade Realty a Sun City neighborhood Brokerage business, Jim utilizes his Marketing Degree and 35 years of Business and Real Estate experience in order to help clients with their primary residence and second home needs. He contributes to a daily Web Blog which focuses on the Sun City, Sun City West, Glendale, Peoria and Surprise Arizona Real Estate Market, as well as other topics important to those and neighboring communities. For more information on Jim and Ken Meade Realty, please visit his website at http://www.suncityneighborhood.com/ or his other blog at:http://activerain.com/blogs/jlittle

Jim Little, Your Sun City Realtor