hello my name is doris diaz im 26 years old i have an 18 month daughter i got an voulter of $1050 im looking for an apartment that accepted feps program it so hard to fina an apartment landlord r not taking feps program i want to know why i also in welfare program also walfare send me back to work program currenlty im i need help to find a apartment because i dont want to lose my voulter plase feel free to contact me at 347 847 5522 also email me email@example.com. thank you very much have an bless day.... more
Unfortunately a decision only you can make, and to consider: itâ€™s all about costs and lifestyle. Costsâ€”financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyleâ€”stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. Begin by visiting with any licensed loan officer to determine mortgage qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. In addition, be aware that co-ops do have their own financial requirements that must be met in order to be approved by the board, and each building is different.... more
Congratulations! As prices have come down an mortgage rates near historic lows it's a great time to buy a home. You might be surprised, there are some loan programs that may help you to buy now. As many have said, speak with a mortgage broker or more then one. See if you can qualify to buy now.
As far as rent to own, sorry to disappoint you, but they rarely work out and even if it does, it may not be to your advantage. Here's why. If your credit is really bad, nobody is even going to want to rent to you. If they do, they will probably want you to pay above market rent and apply some towards a down payment. Problem is, if you have poor credit or insufficient income you may never get a mortgage and end up paying above market rate rent. You may have to lock in to a higher then market price on the place you want to rent/own. Assuming you can buy down the road, the place may not appraise and you won't get a mortgage. Again you loose.
Home ownership is a great feeling. If you would really like to own someday, see if you can qualify to buy now. If you can't, ask your mortgage broker what you can do so you can qualify in the future. It may be as simple as paying down some current debt. Perhaps a 2 family and you can use the income from the apartment to help you qualify. Talk to a mortgage broker would be my recommendation.
The best way to start is to get qualified by a mortgage agent so you know what you will be able to spend on a home. Obtaining a mortgage is very important. Itâ€™s important to understand the details of a mortgage closing cost, points, interest and etc. You should talk to at least 3 mortgage agents and make sure you get a GOOD FAITH ESTIMATE from EACH of them. This outlines the terms of the loan. This will help you figure out who will be best to use. If you like I can refer you to some good mortgage agents Iâ€™ve worked with. You donâ€™t need to decide who you will use until you find a home.
Buying a co-op vs. a condo. Is something you may need to think about. The major downside in buying a co-op is you have to be approved by a board. After you jump through all the hoops of getting a mortgage, finding a lawyer, finding a Realtor and then finding your home you have to pass the boardâ€™s approval. You may have no problems passing a boardâ€™s approval BUT when you need to sell this can be a problem for the person who wants to buy your home. If the board doesnâ€™t approve you then you CANâ€™T buy the co-op. I know the NYC area has plenty of co-ops but see if you can find a condo instead.
Another item to possible consider is moving into New Jersey. This really depends on where you work and your life style. Check out my blog about moving to NJ:
If you have any questions feel free to call me. It would be my pleasure to help you.
Good Luck on your search!
Real Estate Consultant
Liberty Realty LLC
525 Washington St.
Hoboken, NJ 07030
201-686-6977 201-686-6977 Cell
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