Although the economy in the U.S. may be tough and people are losing jobs, there still is a bright side in all of the negative things that are occurring. Today it is cheaper than ever before to own a home of your own. The prices on homes are much cheaper, even the interest rates are low, and there are a variety of great incentives from the government for purchasing a new home these days.

Home ownership always had great benefits. You can deduct your mortgage interest from your taxes, you build equity in the home by paying off the principal balance of your mortgage over time, and most likely the value of your home will increase. Here are five great reasons why you absolutely need to buy your first home in 2009:

1. Over the past few months since the mortgage crisis, the prices of homes have dropped big time. About 20% is the average drop, while in some places it is more. If you want to invest, purchasing a home right now is a great option. It looks like the housing market is at the bottom and soon the values will begin to go up again. Purchasing now gives you the option to make big money if you sell for profit in a few years.

2. For those purchasing a home for the very first time, a special tax credit is available from the government. Up to $8000 is available for those purchasing their first home in 2009, but it has to be done before December 1st. This incentive will not have to be paid back to the government at any time. The incentive was given to help give the economy a boost, since it heavily depends on the housing market.

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.

Reason #4 - Companies Want to Lend - Believe it or not, you’ll find that the mortgage companies out there really want to lend. Since the interest rates are low, you can afford a nice home. Banks want to find buyers that are qualified, so you will need to have a good credit score. You will also have to show you can afford to make the downpayment on the home as well.

Reason #5 - Many Government and Bank Owned Homes Available - There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well.

We are all in the middle of a grand opportunity when it comes to buying a house this year. We already see homes selling quickly this spring. Take advantage of this chance before the market turns around and booms once again. Some people will not be able to get a bank loan due to credit issues. Don’t despair, you may be able to buy your home with seller financing and still qualify for all these benefits. Buy your first home in 2009 - it will be the best investment you could possibly make in this lifetime.

About the author: Susanne Novak is a full time real estate investor specializing in helping home owners buy properties at discounted prices. Her blog shows how to find the best Columbus houses and how to buy Columbus OH Homes for Sale.