Should i stop renting and buy a house?

I dont have a down payment and my credit is not that great. I have a good paying job.
(0) | asked by: maria avila | share | 31 months ago | Report

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maria avila
you will need at least 3.5 % down payment if you qualify with an fha loan, this loan is the one which requires less down payment. a credit score of at least 650 is also needed. those are requirement. and your good paying job has to be one that you have had for at least two years. That is also a requirement. IF you want to do a conventional loan, be prepared to put at least 10% down payment and have exceptionally great credit, that is the only way a bank will approve you. THe other loan is government funded
(1)   |   by Gina Castro   |   31 months ago   |   Report
Viewing Answers 1 - 18 of 18
answer by Miekeba Jones   |   Visit My Website   |   Contact Me
Maryland has programs that can provide you with the downpayment. Now is a good time to buy with all of the great deals on the market. I suggest speaking with a mortgage lender to prepare you for buying. I am happy to send to some lenders if you like.
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28 months ago  |   Report   |   share
answer by Christina Yoon   |   Contact Me
Some loans require only a 3% downpayment. If you can get a pre-approval for a mortgage loan, you might want to check out homes within your price range. Homeownership definitely has its benefits. Now is a really good time to buy, so if you can, take advantage of this market.
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29 months ago  |   Report   |   share
answer by Dennis Helmstetter   |   Visit My Website   |   Contact Me
Buy while cheap and rates are extraordinarily low. Contact me. Dennis Helmstetter
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29 months ago  |   Report   |   share
answer by Janine Kirchnavy   |   Visit My Website   |   Contact Me
Here are seven Reasons to Own Your Home 1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home. 2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. 3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.  4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.  5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.  6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.  7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. 
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29 months ago  |   Report   |   share
answer by Miekeba Jones   |   Visit My Website   |   Contact Me
This is a buyer's market. I can help you. I provide smooth and quick transactions.
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29 months ago  |   Report   |   share
answer by William True   |   Visit My Website   |   Contact Me
The short answer is yes. Interest rates are low, and mortgage lenders have become increasingly willing to work with qualified buyers. According to the U.S. Department of Commerce, rent hikes (when adjusted for inflation) have averaged less than 1% a year for the last ten years, so they are now expected to make up lost ground with a 5% to 7% average hike in each of the next several years.
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31 months ago  |   Report   |   share
answer by Kevin Monette   |   Visit My Website   |   Contact Me
If you are ever going to buy a home, now is the best time. The future however can not be predicted but the question would be "How low can we go?" Interest rates and home prices are at their lowest and the Government is regulating bank's so heavy, that if you truely can not afford it, your not getting it. Connect with a good Mortgage company and the loan officer will help you with credit issues and the type of loan you can get. If you served in the military (use your Va loan). If not ask about a VHDA loan and see if you qualify for it. Good luck, you can do it.
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31 months ago  |   Report   |   share
answer by Ania Miller   |   Visit My Website   |   Contact Me
If you are credit ready, then YES! Why continue to pay someone else's mortgage and have the reap the benefits of home-ownership. Ania
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31 months ago  |   Report   |   share
answer by Chris Lowe   |   Contact Me
If your credit is bad..keep renting. If your credit is good you are crazy NOT to buy as you are missing the boat that only floats buy once in your lifetime. You can get in a house with "O" out of pocket! Realtor for 32 years..lender for 22 years...call me..I'll show you how easy it is.301-399-0486
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31 months ago  |   Report   |   share
I think it is the best time ever to buy. Rates are at an all time low
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31 months ago  |   Report   |   share
Wanda Petty
answer by Wanda Petty   |   Contact Me
Having a good paying job is terrific. However, lenders want to see that you are responsible. By improving your credit, and saving money to use as a down payment, you will show your willing to be in the game. It is required that you have some form of contribitory investment in the home you want to purchse. By having a down payment you prove you are willing. However, based on your income there could be a program available to assist you with the down payment (there are no more 100% financing products). Just work on your credit, and the meantime, pursue those type of programs so you will know if you will qualify for any. At that point, you will be able to determain the amount you'll need to contribute.
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31 months ago  |   Report   |   share
Nancy robertson
answer by Nancy robertson   |  
I am 65 AND on SS. Should I pay off my reverse mortgage while I have 28,000 in debt?
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31 months ago  |   Report   |   share
answer by Dee Miles   |   Visit My Website   |   Contact Me
I think it is the best time ever to buy. Rates are at an all time low. Prices are the lowest they've been in years. Inventory is enormous, which allows you to be selective. Don't wait till you end up in a bidding war when there are only a few homes in your search area or criteria. Plus there are numerous grant and down payment programs right now for first time home buyer. Also rural housing grants. I've been licensed since 1995. Please call or email me for a no pressure chat. I'd love to assist you with your real estate needs and answer your questions.
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31 months ago  |   Report   |   share
answer by Karen Montero   |   Visit My Website   |   Contact Me
Also, interest rates are at their lowest as well. There are also many programs for first time homebuyers. Call me and I can help! I have 12 yrs. experience as a licensed realtor and total 19 yrs. (512) 422-0016. Karen Montero, Horizon Realty.
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31 months ago  |   Report   |   share
answer by Karen Montero   |   Visit My Website   |   Contact Me
Yes you should.....if you have a little money for down payment and good credit, you need to buy. It's still a "buyers market"....but not for long.
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31 months ago  |   Report   |   share
answer by David Pollard   |   Visit My Website   |   Contact Me
With Interest rates as low as they are and as rent continues to go up I feel that it is perfect time for you to buy your first home. Find a lender that you trust and ask about the first time buyer incentives that they are offering and get that first home!
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31 months ago  |   Report   |   share
answer by Dylan Hanna   |   Visit My Website   |   Contact Me
You may not be able to buy a home with bad credit and no downpayment. IF you are seriously thinking about buying, then the FIRST place to go is to a reputable lender. I recommend James Adamson, @ 1st Mariner Mortgage- 410-552-9126. You must find out if you are financially qualified to buy before anything else.
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31 months ago  |   Report   |   share
answer by Daniel Cartalucca   |   Visit My Website   |   Contact Me
You can also get seller financing in some cases. We are seeing that again. Anything that is an estate might consider that if you have good employment history. Many seniors heading into retirement homes would like to earn 4 or 5% on their money. (vs .5% from the banks in a CD)If the kids want the money, you will probably not be able to convince them to do this. You should try a mortgage broker and see what they say. They can run your package in front of several lenders to see who is willing to do it. Also if your credit is poor for some easy to fix things, they can tell you what to fix, in what order.
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31 months ago  |   Report   |   share
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