First-time home buyer? You’re in luck
Is now the time to buy a house in Central Florida?
The answer to that question is hardly simple, given the prolonged housing slump and the nationwide recession. It also depends on a complex mix of personal issues and factors, including, of course, “The Fear Factor.”
If you own a home and need to sell it before you can afford to buy a better one, you might find that difficult for another year or so — maybe longer — because of the glut of properties still on the market and the state of the U.S. economy.
But if you are a first-time buyer, the situation is different. Do you have enough cash for a down payment — at least 3.5 percent for a Federal Housing Administration loan, as much as 20 percent for a conventional bank loan — plus closing costs? And is your job or career relatively stable?