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I've lived in my town for a few year now and have always rented. Mostly because I am single and have either split the cost with my roommates or whatever. I have a very nice job that seems to be on the up and up and pays well enough for me to afford a decent house in the community. I know the economy is in the toilet and the housing market is upside down, but I hate wasting money on rent that gives me no equity.

Should I look to buy a house now or wait until the market fixes itself. I would be looking for something in the $125k-150 range (based on what mortgage I would be comfortable making). I spend $700 in rent now and I am thinking that could translate to something decent especially with the interest rates. I know I still have to find someone to loan me the mortgage but I have a very good credit score last I checked.

 Am I missing some major cons here or should I go ahead and start looking to buy? Anyone have the same experience being a first time home buyer in todays market?

 There are some advantages to buying a Home. Especially if you are a first time home buyer. You can get special financing and you get a tax credit. That and you get to pay money toward something that will eventually belong to you versus paying someone else for something that is theirs. I can't wait till It's a good time for me to buy I house. I am tired of paying people to live in their apartment of what have you. I can't wait to have my own place my own yard and somewhere that I can truly call my own.

Now is a great time to buy as long as you have the good credit and stable income. Lenders are still willing to lend money, they are just more particular now. There are great housing bargains to be had at this time. No matter where you live, you will be paying on a mortgage. It can be your own, or it can be your landlord's.