The American economy may be in bad shape right now and many people lost their jobs. But there is a silver lining in all this gloom and doom. Home ownership is more affordable than ever. Let’s face it, the prices of homes have dropped, interest rates are at all time lows and the government created new incentives for you to buy your first home.

Sure, there have always been benefits to owning a home. You get to take the interest you pay on the mortgage and deduct it from taxes, you can also build up home equity by paying off the balance on the mortgage more quickly, and usually you’ll find the home value goes up. Well, here are some of the top reasons that 2009 is the time to purchase your very first home.

1. Home Prices have dropped an average of 20% due to the mortgage crisis, in some parts of the country even more. Buying a home in 2009 will be a great investment. Most likely the housing market has bottomed out and values will rise in the coming months and years. If you buy in the current market you’ll be able to sell your house for a significant gain in the next 5 to 10 years.

Reason #2 – Tax Credits – There are now great tax credits available for those purchasing their first home. If you purchase a home in 2009, you can get $8000 tax credit as long as you close before the 1st of December this year. This is not something you will ever have to pay back either. This is an incentive the government is giving to help make sure that the economy does recover.

3. Even if you don’t have a lot of money for a downpayment, it is still possible to purchase a home right now. There are many great Columbus Loans available that only require a small percentage down on the home. Veterans don’t even have to give a down payment in order to purchase a new home.

4. The mortgage companies out there really want to lend money, even though you may hear otherwise. The interest rates are quite low, making a nice home very affordable to you. The banks want to lend to buyers that are qualified, but a credit score of 650 and above will be needed. You’ll also need to show you do have the down payment amount available.

5. The market is practically flooded with bank and government owned homes. They sell for huge discounts and the sellers are very motivated. You can buy almost new HUD (government owned) homes for 25% below market value. And these homes hardly need any repairs.

You’ll definitely find that today there is a big opportunity to purchase a new home. Many homes are selling fast already. It’s a great idea to take advantage of all these benefits before the market begins to climb and homes get more expensive. Even with bad credit, there are still options available, such as going with seller financing. Purchasing your first home is a great idea, especially in 2009.

Author Susanne Novak is a long-time property investor specializing in helping home owners buy properties at discounted prices. Read her blog to find the best Columbus houses and successfully purchase Columbus OH Homes for Sale.