Buyers and Renters: Several reasons why you may wish to own a home.

1. Tax Breaks The U.S. Tax Code lets you deduct interest and part of other costs involved in buying a home.

2. Equity – Money paid for rent is helping pay landloard's mortgage. Payments on your mortgage are building your equity in your own home.

3. Appreciation – Long term,  real estate has a stable growth value. Median price values have increased 88.5% over the last 10 year period… according to the NATIONAL ASSOCIATION OF REALTORS®.

4. Predictability – unlike rent your fixed rate mortgage stays the same over 10, 20 or 30 year period as determined at the time of purchase. You can even refinance for a lower rate and potentially have a lower payment in a few years. Keep in mind that property taxes and insurance cost will go up. Rent will always go up.

5. Savings – building equity in your home is a readymade savings plan. Even when you sell your home if the laws do not change you can take up to $250,000 or $500,000 for a couple in capital gains.

6. Stability – Remaining in a neighborhood for several years gives you a chance to participate in community, create a circle of friends for adults and children that lasts a life time sometimes, offers stability of education for children.

7. Freedom – you do not need to live with white walls, the home is yours, you can paint and decorate any color and any way you wish inside or out ( unless it is a historic community)

And there is this gift: biggest gift ever, $8000 tax credit for 1st time buyers - think about this: how long will it take you to save $8000.00 for a down payment on a new home?  Check with a qualified and reputable mortgage company to find out if you qualify for a loan, knowledge is power and you have nothing to lose, may be an hour or so... Once you know what you can and cannot do, get a professional to help you find that perfect home for you and for your family.  There are only few weeks left. Best of luck!
  
Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at http://www.ginniemae.gov./