Today, for every homeowner in (or thinking about going into foreclosure), there is somebody who has probably considered getting a great deal on a new home by purchasing a foreclosed home. Although a foreclosed home can be a tremendous deal, buying one comes with certain hurdles that you won’t face in an ordinary real estate transaction. If you’re thinking about buying a foreclosed home, here are four things to consider. [...]

Embattled real estate markets and soaring foreclosures aren’t just affecting middle-aged Americans; there are plenty of young people who bought early at the wrong time. True, young homeowners have less invested in a home and plenty of time to rebuild their finances, but finding yourself staring down the barrel of foreclosure is unpleasant at any age. I want to share an email I received from one such homeowner, and ask: What do you recommend he and other upside-down homeowners do? [...]

Thanks to low mortgage rates, a housing glut, and generous tax incentives, mortgage applications are surging. Although the housing market is still a ways from a full-scale rebound, it is a great time to buy a home—especially your first. Over the years I’ve written several posts to help first-time home buyers navigate the complicated and stressful home-buying process. Here’s a recap of what you’ll need to know as you prepare to buy your first home. [...]

All my friends who bought homes before their 30th birthday love to proclaim that they’re no longer “throwing money away” by paying rent. Although I too aspire to one day own my home, I’ve never felt like renting is wasting money. That’s because when I do buy a home, I will buy a place to live; not an investment. [...]

Thinking about becoming a home owner this year? (Perhaps you want to nab the $8,000 first time home buyer tax credit.) If so, take a deep breath and prepare yourself financially and mentally for a rewarding, but challenging, experience. Whether you’ll be buying this month or next year, here are five things you really need to know about buying a home. [...]

If you will be able to claim the $8,000 first-time homebuyer tax credit this year or next, here’s some helpful information. A recently released revision to IRS Form 5405 will help you through the steps required to claim the credit. Here’s some more information that will help: [...]

My article on the $7,500 first time home buyer tax credit has become one of the most popular on this site, with well over 200 comments. As part of this month’s economic stimulus bill, that credit is changing to an $8,000 tax credit that, unlike the first credit, will not have to be repaid. Here’s what we know:. [...]

In December I suggested that it was a good time for young professionals to think about buying a home or a car. It was, and still is, very much a buyer’s market. (Assuming, of course, you have the cash and excellent credit available to qualify.)

But some disagreed with me, noting that property values will continue to decline. Fast forward two months, and mounting job losses has certainly added to the reasons not to make any big purchases this year. Still, are there reasons to buy your first home now? Perhaps. [...]

Loan modification companies are sprouting up left and right to take advantage of embattled home owners at risk of foreclosure. If this includes you; watch out. Some loan modification companies are nothing but down and dirty scams. [...]

Readers, can you help with this question? Another reader wants to know if he’ll be able to buy a home or condo right after graduating from college this year. He’ll be armed with a degree in accounting, already has a job lined up, and will have $30k in student loan debt. I’ll share my thoughts below, but I know some people out there who did buy homes right after school, and I’m curious to know how it went. [...]