To buy a house or rent ?

Question

Hello ladies , I’m am a young married mother to 2 boys and currently pregnant . Me and my husband is thinking on moving to either Atlanta or another state ( we haven’t chose ) but we have 9,000 saved up so far and wanted a little knowledge from more experienced people . Would you say 9,000 is good enough to invest into a house nomore then 200,000 ? We are looking for a quick start off & most likely would go to Atlanta . But we really do not want to pay rent as we feel we’re wasting money.

Answer

FHA home loan requires 3.5% (7,000)down closing cost, and you will have an additional PMI insurance on your house which is a percentage of the home at 200k should be around $100 additional to your mortgage payment. If you guys decided to do traditional home loan you need 20% (40k) down of the home loan and there will be no PMI insurance. You will need to get an inspection done, which is between 250-500. It all depends on your long term financial situation. Buying a home is great be a good investment! Just have to be prepared for additional cost that come with owning a home.

Answer

I don’t know if it’s the same where you are- but where I am in the UK, the cost of renting is quite high, so we’d probably actually end up spending less each month on a mortgage, if we bought a house. The main problem is getting that initial deposit together if you’re a first time buyer. 
I don’t know anything about what buying a house is like in the US but I think it’s important to remember that buying a house doesn’t necessarily mean your stuck there forever, but it may make things more complicated if you decide you don’t like it there and want to move back!! 
Another option is to maybe rent for a while, if you can find a short lease, whilst you look for somewhere to buy! That way you can figure out the best areas?

Answer

I absolutely feel renting is a waste because you’re paying someone else’s mortgage LOL!
I’d talk to a mortgage broker and find out what you can afford, etc. once you’ve done that then find a realtor and see what’s available in your range💓
Good luck on your new adventure💓💓

Answer

You normally want 20% down on the house or else you’ll have to pay mortgage insurance too. Also a higher down payment the lower the mortgage. We bought our house for 155,000. We put 20,000 down. Our mortgage is $919 with taxes and insurance and mortgage insurance. Putting only 7-9,000 down on a 200,000 home would be setting you up for a mortgage for over $1200.

Answer

I can’t imagine buying a house in a place I haven’t lived. What if you hate it? It’s much easier to let your lease run out and move than sell a house. I would rent for a year and see if you actually like the area and then invest in a house.

Answer

For every 1,000 you put up only changes your monthly payments by a decrease of $10. 
Having savings alone is beneficial when financing. For one loan company like you having savings because it’s cash if you went into foreclosure that they can recoup/ garnish. 
Plus if you needed savings to temporarily pay bills to avoid foreclosure if finances were not coming in. Example this pandemic or if someone was injured. 
I suggest keeping your savings as a financial fall back. 
I think it depends on your income coming in more than anything. 
Loan companies primarily look at How much is coming in and job stability and the possibility of potential job promotion if you worked in an industry that could provide that. 
Savings is a benefit. 
Putting a down payment is a plus. 
But ultimately it’s the cash flow coming in that matters.

Answer

I'd go to buy or rent to own.

Answer

The usual goal is to have a 20% down payment. However, if your credit is good and the price of the house is decent, you may be able to get away with a smaller down payment.
My general philosophy is that if you can realistically buy a house instead of rent, do it. Your monthly payment may be less depending on the area and the house you get. If it’s feasible and won’t put you in a financial bind, then buy. If you want a larger down payment, wait it out and rent for a while until you can save the money needed.

Answer

The best thing you can do is speak to a mortgage rep, crunch numbers and see what you are pre-approved for. They have programs available so you don't need to out down 20%. We only but down 5% and we need mortgage insurance until we hit the 20%. For us it's only an extra $125 dollars and it's roped into our monthly payment

To buy a house or rent ?

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