Looking To Move Into A House...Advice and Guidance Needed (Hunters Creek: mortgage, loan)

[Elbie-Wan]

My fiancé and I are looking to finally get a place together in March (estimate) and we would prefer to get a house over an apartment. From me reading this forum it seems that buying a house would not be a good time right now and to be honest I am kind of shaky about buying a house with her for our first house (period) since we’ve been adults. So, I am guessing to rent. I stay in MetroWest right now and I have no problems with the area that I reside in because it’s the real Metrowest, not the extended places that claim it. She would prefer to move to the Dr. Phillips area because it’s further away from things and it would be a fresh start. I am thinking Hunters Creek, MetroWest, Dr. Phillips, and that area by Sea World. We are looking for a 3 bedroom, but don’t want to go over 1400 if we rent a place. What is the best advice in searching for homes? Also, what about that rent to own option? Is that any good?

She likes the Stonebridge homes and the Toscana homes, but I am afraid that they might be a little high for our budget.

Any advice is greatly appreciated.

[Dee2e]

Buying if you are in the right position to buy may make sense in the long run. You will need a good downpayment and closing costs to get the best loan possible.

Many of those in trouble now overbought and put no money down on their home. Stay within your budget.

A good starting point is to figure out what you want to pay. Get help figuring out what that will let you buy including taxes and insurance. Get preapproved by a competent lender and be sure you buy in your price range. Those who overbuy end up with much financial stress.

Lease options let you lease for a while, then, if you want buy the home. You may be required to put a large amount down at contract which is usually not returned if you don't close on the property.

Using your $1400 figure for rent as an approximate mortgage payment, that would let you finance about $170,000 and allow about $300 A month for taxes and insurance and keep you within that range. The rest is just math. If you want a $300,000 home, you'd need $130,000 down. If you want a $200,000 house, you'd need $30,000 down.

There are many loan calculators available for free on the Internet to help you determine loan payments.

Good luck with whatever you decide.

[bdpop]

Dee2e, based on your calculations, buying a home with average typical Central Florida wages is next to impossible. That is probably one of the reasons why so many people are having problems selling their homes. People don't earn enough to afford them.

[Dee2e]

Originally Posted by bdpop

Dee2e, based on your calculations, buying a home with average typical Central Florida wages is next to impossible. That is probably one of the reasons why so many people are having problems selling their homes. People don't earn enough to afford them.

To afford the mortgage I worked up that you replied to, a couple would need to earn $4000 a month to qualify for that mortgage, fyi.

[GregTraub]

Good Preliminary information from Dee2e. If you were wanting to seriously looking to buy a home a competent realtor can work up your specific numbers but around 170K is a good ballpark if you wanted to stay under 1400. And from what it sounds like you are leaning more toward renting anyway.

For 1400 you should be able to rent out a much nicer home than you could buy. A good start would be to check out Home Rentals, Homes for Rent, Apartments, Houses for Rent, and Rental Homes. And you can also just drive through many neighborhoods and see for rent signs in the yard.

[Dee2e]

Originally Posted by GregTraub

Good Preliminary information from Dee2e. If you were wanting to seriously looking to buy a home a competent realtor can work up your specific numbers but around 170K is a good ballpark if you wanted to stay under 1400. And from what it sounds like you are leaning more toward renting anyway.

For 1400 you should be able to rent out a much nicer home than you could buy. A good start would be to check out Home Rentals, Homes for Rent, Apartments, Houses for Rent, and Rental Homes. And you can also just drive through many neighborhoods and see for rent signs in the yard.

You are right about what you can rent for the amount per month but then rent just pays someone elses mortgage.

[krock67]

Don't try to catch a falling knife!!! So Don't buy. Wait a couple of years for prices to come down. Why buy a $170K house that maybe worth $85K, 2 to 3 years from now; and, for $1400 a month you can rent a nice house currently selling in the $300K to $400K range, which you maybe able to buy at a later date within your budget.

Just my 2 cents.

[Elbie-Wan]

Right, we are going to rent. At least if things don't work out I can rent room out to a friend or family member. lol

I think I will drive around with her this week and look for some For Rent signs.