May 232011

— By Mark Treiber, Tahoe Daily Tribune on May 22, 2011

“Luck is what happens when preparation meets opportunity.” The Roman philosopher Seneca coined this timeless piece of wisdom about 2,000 years ago.

There’s opportunity right here, right now in real estate in the form of low prices, low interest rates and fabulous government-sponsored homebuyer assistance programs. The preparation part is managing your credit history, creating a budget (and sticking to it), and saving money for a modest down payment and reserves. The mortgage program profiled here provides a rare opportunity to buy a home with a minimal investment and relatively low monthly payments.

Fannie Mae (FNMA, the government sponsored agency responsible for ensuring liquidity in the mortgage markets) has a bunch of foreclosed properties on their books and are motivated to liquidate this inventory because every day is costing FNMA (us taxpayers) millions of dollars.  …read more

Is home ownership right for you?  View Freddie Mac guidelines

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