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Wife and I just moved and currently renting a 2 bed/2bath unit
The market for the most part (Depending on how gentrification happen or proximity to City center) home values are relatively
low/new.
After meeting with a banker we would be eligible for $280K home mortgage. Mortgage would exclude PMI and closing cost. $3K down.
With that puts us around 3 bed 2 bath home. With low property taxes anything under $300K we be looking at $1000K or less with mortgage.
Plan be buy a home 5 years then move to a 4 or use the home as a rental unit down the road.
Could wait another 2 years and rent. Rents are usually higher than monthly mortgages here. Average 2bed 2 bath is around $1400 and currently paying that amount.
Financially think buying is better then renting?
Also another similar loan available is a 5 year AMR loan?
A sales price oof $295k in Gastonia, NC (so includes a decent estimate for taxes) with $3k down has a mortgage payment of about $1700.
How much money do you have saved?
Where can you buy a $280k home with $3k down? Whatever program this is will have much higher interest than the lowest rates. My payment for a home slightly more than that is $1740, but I live in IL and have insane taxes. Perhaps without the taxes, insurance, and PMI it is pretty close. However, you can’t leave out insurance and taxes from the consideration.
Where can you buy a $280k home with $3k down? Whatever program this is will have much higher interest than the lowest rates. My payment for a home slightly more than that is $1740, but I live in IL and have insane taxes. Perhaps without the taxes, insurance, and PMI it is pretty close. However, you can’t leave out insurance and taxes from the consideration.
I don't know. But OP says that he's spoken with a banker (lender?) and that was an option. But I don't think OP's calculations are accurate and I don't know why he's not including PMI in his mortgage payment as that will make a significant difference. And don't discount closing costs, OP. It's a seller's market and it's likely you'll have to pay those.
But being familiar with his past postings, I don't think they are financially ready to buy a home right now. My opinion is that OP continue to rent, save aggressively, and then buy.
But being familiar with his past postings, I don't think they are financially ready to buy a home right now. My opinion is that OP continue to rent, save aggressively, and then buy.
Ditto. And IIRC, the OP has already moved around a lot in the past few years, which is also not conducive to owning.
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