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Is it time to buy a home?

Posted on Tuesday, March 13, 2012 at 4:25:41 PM

Are you contemplating a home purchase? The time to buy a home may be now. According to the National Association of Realtors (NAR), housing affordability conditions have not been this positive since the record keeping began in 1970.

NAR's Housing Affordabiity Index rose to a record high 206.1 in January 2012. The index is based on the relationship between median home price, income and the average mortgage interest rates. This correlates to the average consumer's ability to afford common residential financing options.

"This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home," NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. said. "For buyers who can qualify for a mortgage, now is a very good time to become a homeowner."

To qualify for a low-interest rate home financing option, consumers may wish to buy a credit report from the three main national reports to ensure everything is as it should be. Unexpected credit report surprises could result in a lower financing option than originally predicated.