2007-11-01 11:09:15 · 8 answers · asked by CS 2 in Business & Finance ➔ Renting & Real Estate
If you can't manage to save money for a down payment, put off buying a house. It is a lot more expensive to own than it is to rent. Figure out what you would be paying for a house in your area, including property taxes and insurance, and how much more that is than your current rent payment. Then figure out how much your utility bills will be if you are responsible for paying all of them. (Renting, you are probably not paying for water and sewer, you may not be paying for heat...etc.) If your home ownership costs are going to be $400 more a month than renting, start putting that aside to save up for a house. If you can't come up with that difference, you will learn now that you can't afford to move at this time. Let buying a home be a blessing and not a curse.
2007-11-02 03:13:51 · answer #1 · answered by HEATHER 6 · 0⤊ 0⤋
There are several economic factors at work right now - so many homes have gone into foreclosure due to the zero down, 100% loans scenario.
My best advice to you is to read the attached article. It is mind-boggling what has occurred in the last several years in real estate.
110107 5:42
2007-11-01 11:42:47 · answer #2 · answered by YRofTexas 6 · 0⤊ 0⤋
It's a good time to buy a house, but a terrible time to expect to find a 100% loan. And then you'll probably also need a few thousand dollars for closing costs.
2007-11-01 11:49:11 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
On the plus side, it is a buyers' market and interest rates are declining.
On the other hand, it will be very difficult without excellent credit and adequate income. The lenders have tightened up their standards since last year. But it doesn't hurt to ask for a prequalification. Then you'll know what you can qualify for.
2007-11-01 11:15:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This is a great time to buy a house, but a bad time to get a zero down mortgage. If you could put just 3% down it would make a world of difference!
2007-11-01 11:14:49 · answer #5 · answered by J O 3 · 0⤊ 1⤋
Great time to buy a home.
If you have no money down, you'll have to check your state for first time homebuyer programs.
These programs GIFT you the closing costs and down payments and you never have to pay them back.
Here are the details for Arizona's program.
http://www.welcome2arizona.com/home/first_time_homebuyer/first_time_homebuyer.php
Http://www.Welcome2Arizona.com
2007-11-02 06:07:05 · answer #6 · answered by Terry S 5 · 0⤊ 0⤋
this is not really a good time to buy because the market is down at its lowest in a long time so people are going to want a lot so plan on paying of the loan in 30 years,if you buy.
2007-11-01 11:16:37 · answer #7 · answered by Anonymous · 0⤊ 3⤋
with mycommunity you need a 620 to avoid HIGH pmi payments but it's zero down program
with FHA you will need a 2.25% down payment...you can have a 400 score but you cant have any credit lates in the last 12months
2007-11-01 11:15:24 · answer #8 · answered by Anonymous · 2⤊ 0⤋