Did you know that most renters do not know they are eligible to buy. Many people think that lenders will not lend to them due to lack of cash to put down. This is simply not the truth. What is important is a good to above average credit score...and about 4% to qualify. This should put you up for an FHA loan.

Another fact renters who think they cannot buy are missing is that in (New Jersey at least) it is taxes and interest rate that will probably affect your monthly payment the most. Thus, given that interest rates are low, if you can find a place where the taxes are acceptable to your budget you should be in business.  Please do not use sites like Zillow as a tax gospel...time and time again sites like these are not always current. Talk to a realtor they can easily provide you that information for free.

With all that talk about moving renters to buyers I will say this. If you have a home and looking for some additional income you might want to consider buying a rental property if you have equity. I think the returns right now are great on residential rental investments. The only concern here is when will the tides turn and bring these renters to buyers.