WMBF News today put together a nice punch list of things that homeowners today “need to know” before buying a foreclosure … or any other type of home for that matter.

Check it out:

1. Double-check your credit — Check your credit report immediately to be sure it does not show any incorrect information.
2. Talk to lenders — Check rates and offers from several mortgage professionals to find one you with whom you want to work.
3. Home prices are still low — Now is an excellent time for a home investment.
4. Interest rates are still good — Mortgage interest rates have dropped again to about 5 percent annually.
5. You must have savings — A down payment is essential today.
6. Know all costs of ownership — A rule of thumb is to budget 1 percent of the home’s purchase price per year for upkeep.
7. Buyer beware — Invest in a home inspection before agreeing to purchase any home.

Foreclosure.com currently features more than 2 million distressed real estate listings in its nationwide database, including preforeclosures, foreclosures, Sheriff sales, bankruptcies, tax liens, auctions and much more. In short, we have a house for everyone … at the most affordable price.

So use the tips above, search our Web site for the best deals in your area and live your own American dream while the conditions are in your favor. Opportunities like this don’t come around very often.

To search for homes and other cheap real estate deals — often up to 50 percent off — right now click here.

Right now there are so many great discounted properties available throughout the nation that you can essentially “steal” them for dirt cheap prices.

On top of these amazing deals, as well as the limited-time tax credit for first-time homebuyers that expires on Dec. 1, 2009, banks are still offering fantastic mortgage rates to encourage spending.

In fact, rates recently dropped to less than 5 percent!

Mortgage applications have skyrocketed thanks to this “perfect storm” that has created ideal homebuyer conditions.

How can you not be tempted to capitalize on these opportunities of a lifetime?

All these facts add up to one major point: for the right property, the numbers make good, solid “cents” right now. There has literally never been a better time to get into distressed property investment.

The September 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which is all about helping you figure out how to get your hands on the money you need to get started in distressed property investing.

We touch on everything, from funding options to tips for raising your credit score. We also cover how you can accomplish it all without experiencing any of the headaches that can often deter first timers.

So get ready to learn everything you need to know about financing your dream home at the best possible terms! Check out “Fund the Deal” today and get going before it’s too late — remember the clock is ticking to lock-in the best terms and incentives!

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

… we’ve got them in the most recent edition of the Foreclosure.com monthly email newsletter, “Investment Exchange,” which is now available for FREE right here.

Our April edition is the first of a two-part series that focuses on foreclosure investing, covering everything from how to find great foreclosure deals to how to analyze and flip them for monster profits.

We also provide educational resources that will help you better understand the foreclosure investing process, as well as some pitfalls for which beginners need to look out.

In addition, the newsletter contains a bonus article from Wall Street Journal best-selling author, nationally renowned speaker and major real estate investor, Robert Shemin.

To check it all out right now for FREE click here.

Foreclosure Tip: Search for local real estate agents – REO pros – who specialize in the foreclosure market.

The reason: Purchasing an REO is typically not as clear-cut as purchasing a home in the traditional sense. If a you are looking for a real estate “deal” then you should use a real estate broker who knows the ins-and-outs of foreclosure properties. In fact, REO agents often offer a team of skilled inspectors and repairmen who can help you spot and ward off trouble before you sign on the dotted line.

“REO” defined: When a lender takes ownership of a property as a result of the foreclosure process, the lender then calls the property an REO, which stands for “Real Estate Owned.”