Looking back several years ago, home purchasing was on a rise. In fact, it was booming. Although home buyers considered the price of the home they were buying, home prices were much higher and consumers bought homes that would normally be out of their comfortable budget zone. Then, as we all know, that housing boom collapsed leaving an inventory of empty homes available. This whole set of circumstances makes it a perfect time to purchase a home. It is not the first time to happen and won't be the last. Housing runs in cycles and when watching the signs through the years, there will always been certain times that are the perfect time.

When home prices are down, with many of them at record lows, all types of opportunities present themselves. There are many foreclosures available, as well as, short sales. The average price of homes will actually drop to levels that were seen prior to any housing boom. Even many home sellers will drop their prices to keep up with the surrounding area in order to be competitive. All of these factors creat an opportunity to own a home at a rock bottom price.

When low mortgage rates are being offered by lenders, affordability becomes available to more consumers. Although lending guidelines on conforming mortgages, otherwise known as conventional loans, are stricter, FHA always offers consumer friendly mortgages. Low down payments, easier credit qualifying and multiple mortgage programs make FHA available to all consumers. For those in the military, low cost VA mortgages are available with no down payment requirements. There are definitely always options that are out there to help low to moderate income families become home owners.

HUD homes which are found through Fannie Mae and Freddie Mac usually have low prices and perks that make them attractive to buyers. There are programs through HUD that allow down payments as low as $100 for these foreclosed homes. There are teacher, fire fighter and police officer programs available that also offer low down payments. By researching HUD, Fannie Mae, Freddie Mac, FHA and VA, consumers can find the best priced homes and mortgage programs that together will put them into their own home.

The perfect time to purchase a home is when the available, empty inventory is high, mortgage rates are low and government entities are offering additional home buyer benefits.