General Area in Brunswick>Question Details

T. B., Home Buyer in Brunswick, OH

Family of 3 renting now, wanting to buy. We only have about 5,000 in savings. Should we buy now or build more of an emergency fund?

Asked by T. B., Brunswick, OH Fri Mar 16, 2012

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5
Duane Johnston’s answer
I see you have already talked with a lender and sounds like you qualify for the OHFA loan and grant program. That's wonderful and with interest rates so low and home prices down, now may be the best time ever for you to move forward with home ownership.
I would be happy to help you in making the next step and find a home for you to consider.
You can call me any time and I would be happy to start helping you find a home, and of course there is no charge for me to help you.
Looking forward to hearing from you soon,
Duane Johnston,
Howard Hanna Real Estate
330-752-4892
duanejohnston@realtor.com
http://www.duanejohnston.howardhanna.com
0 votes Thank Flag Link Sat Mar 17, 2012
We would be happy to discuss your options with you and connect you with one of the best lenders in the area. You'll have many questions and there are a lot of things to consider. We're 100% free to work with as buyer's agents and we don't charge "processing fees" like other companies in the area, so you save hundreds just by working with us! We're very experienced with first time buyers. Give us a call anytime to start the process and discuss your goals.

RE/MAX NE Ohio
Cecilia Sherrard & Andrew Ginter
440-781-8737
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Fri Mar 16, 2012
I would highly recommend having 3-6 months worth of expenses set aside in an emergency fund prior to buying. I also recommend people be out of credit card debt before buying (preferably no car and student loans either).

I'm not sure what your income, expenses, or price range are. ...but if you can qualify for USDA 0% down and your $5,000 in savings covers 3 months worth of expenses, maybe it makes sense to buy now.

I really just hate seeing people stretch their last penny to buy, and then and up with problems down the road.
0 votes Thank Flag Link Fri Mar 16, 2012
Thanks! We have talked to a few lenders and it looks like the FHA program will work well for us. We would only need to put down about 1%....which will be around $1,000. Not sure if we should jump now or build a bigger safety net? I dont want to miss a great opportunity, but I dont want to potentially put our family in financial distress either. Not sure what to do.
0 votes Thank Flag Link Fri Mar 16, 2012
We think that you should talk with a good lender to get qualified information. Then proceed with a good local agent to begin a search.
0 votes Thank Flag Link Fri Mar 16, 2012
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