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Old 02-01-2009, 03:03 PM
 
1 posts, read 743 times
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Old 02-02-2009, 05:33 PM
 
Location: Tucson, AZ - The mountains are free here.
641 posts, read 1,729,024 times
Reputation: 325
I guess this was important:

We hope that my husband can transfer with his company when we move.

We also plan on renting for at least a year when we first get there.

It sounds like PMI is something bad that I want to avoid - I guess it's really expensive?
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Old 02-02-2009, 06:00 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,623,584 times
Reputation: 8083
Quote:
Originally Posted by renriq02 View Post
she's a motivational speak not an intellectual speaker

Agreed. Not bashing, not by a long shot. But her advice is painted w/ a very broad stroke, which became very noted when she went from a print "advisor" to a media star. Time and time this happens, showmanship takes priority.

To the OP, when you land, most certainly consult w/ a mortgage professional. For example, you can buy cheaper than renting in Northern Virginia, and, we have 102% financing for first time homebuyers at below market rates. Income caps are reasonable (100K for a family of 2) and there is a cap on the sales price (around 400K). Maryland has a comparable program, as do many other states.

Anyone would love to have 8 months savings for expenses, so that should be a goal for renting or buying. But if it's $200 less a month to own....
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Old 02-03-2009, 10:46 AM
 
Location: Tucson, AZ - The mountains are free here.
641 posts, read 1,729,024 times
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Quote:
Originally Posted by SmartMoney View Post
Anyone would love to have 8 months savings for expenses, so that should be a goal for renting or buying. But if it's $200 less a month to own....

How is that possible? Less to rent than own? I'm hoping that we'll not have to pay more than $1100 or more a month.


Aaanyways... You guys have been really helpful. I'm so glad I found these forums.
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Old 02-03-2009, 12:52 PM
 
1,060 posts, read 1,636,875 times
Reputation: 793
Quote:
Originally Posted by SmartMoney View Post
Agreed. Not bashing, not by a long shot. But her advice is painted w/ a very broad stroke, which became very noted when she went from a print "advisor" to a media star. Time and time this happens, showmanship takes priority.

Anyone would love to have 8 months savings for expenses, so that should be a goal for renting or buying. But if it's $200 less a month to own....
Well, it's a good thing she doesn't make money matters boring or nobody would watch. Take a close look at her advice and tell me where she's wrong? Compared to a lot of other TV personalities (I won't name them, but there are a few advisors out there with their own TV shows), I feel she truly cares and offers sincere advice, often times based on laws. Yes, her personality might not be everyone's cup of tea and that's ok, but she is real about serious money issues and doesn't sugar coat things.

Even if buying is $200 less a month, you still have to pay for repairs, which could cost $200 a month for life!! Plus, with everything that's going on right now, you have to be sure you will not go through the stress of repossession. It's a big lesson we are all learning.

PMI can be expensive, but it's mostly money wasted. You basically give them insurance, it's nothing to benefit you. It really won't hurt you to rent a little longer while cutting back on expenses and saving. You'll also realize how little stuff means: people are more important!
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Old 02-03-2009, 01:59 PM
 
Location: San Antonio
3,184 posts, read 9,227,803 times
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I bought a house in the last 12 months with zero down... EASY to get a loan, but I have a high credit score and low debt/income ratio. Sounds like you have the same ratio... it could be easy for you.
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Old 02-03-2009, 02:00 PM
 
Location: San Antonio
3,184 posts, read 9,227,803 times
Reputation: 4721
Quote:
Originally Posted by JillBoBill View Post
How is that possible? Less to rent than own? I'm hoping that we'll not have to pay more than $1100 or more a month.


Aaanyways... You guys have been really helpful. I'm so glad I found these forums.
It is less to own than rent for the SAME space. But if you are renting an apartment vs. owning a home, it will of course be less to rent.
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