According to many experts, there has never been a better time to apply for a first time buyer mortgage, so long as your credit is in good shape and you have the ability to keep making payments. First time buyer mortgage popularity is rising as people try to take advantage of falling home prices.“The time to buy is now. A lot of people are ‘down’ on housing and the (economic) times, but you can always find some bitterness. People who sit on the sidelines … if they’re going to sit on the fence, they’re going to be kicking themselves. Once that inventory is down, you will see prices rise,” said Bill Basic, the president of the SouthWest Suburban Homebuilders Association.Lynne Austin, president of the Home Builders Association of Greater Fox Valley stated, “Assume people feel the market has bottomed. You’ll be in more competition for that house you’ve had your eye on. Now suppose (the price) fell another $10,000. What does that mean on your mortgage? Another $50 or $60 a month? Is it worth losing that house? If you’re serious, you don’t want to wait six months or a year. You don’t know where the rates will be. But you know where the rates are now. And you’ve got a wonderful inventory out there.”
Related reading: First Time Buyer Mortgage
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