Home Buying in Louisville>Question Details

Dorothy Pear…, Home Buyer in Louisville, KY

I am in juggling a decision to purchase a condo/townhome or continue to rent?

Asked by Dorothy Pearce, Louisville, KY Mon Feb 11, 2013

I am approaching a year at my job, however I just made a drastic move from NC to KY therefore my funds in savings are not where they should be. I want to apply for a loan but my credit score is under 650. Would it be wise to start working on trying to purchase a home. To me renting is becoming overrated and overpriced.

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15
Gordon Goldsmith’s answer
Dorothy, my name is Gordon Goldsmith and I am a mortgage broker with a direct lender here in Louisville. I would love the opportunity to try and help get you qualified to purchase a home. It will not cost you anything to try and get approved. There are certain programs that we might be able to fit you in where you do not need to put any money down. Call me anytime!

Gordon Goldsmith
Sagamore Home Mortgage
502-599-8163
Web Reference: http://www.sagamoremtg.com
0 votes Thank Flag Link Wed Mar 27, 2013
Hi Dorothy,
You ask a great question and you're not alone in the credit score department. My first suggestion would be to contact a lender that you trust and ask them to review your credit score and what areas you need to work on. If you don't have a lender that you can trust you can contact us or any other full-time realtor who works with lenders. Don't contact a series of lenders and ask them to check your credit rating because that could in itself create a problem. There are some lenders who believe that if you run too many checks on your credit rating, your credit score could be reduced because of all the inquiries. Now understand not everybody agrees with that theory but you need to know about it. If you would like to look at homes, just simply say the word. We can set you up on a search system, or for that matter any realtor can set you up on a search system to look at homes. Not that it matters, but I'm ranked number one in the city for the past two years in volume, is because of the level of service we provide to our clients.
15 votes Thank Flag Link Mon Feb 11, 2013
It is a great time to purchase!!
There are so many properties out there for sale right now and some that may require only 100.00 down. Interest rates are still great and condo prices are excellent.

It makes so much more sense to buy now over renting because in most cases, it is less expensive.

Feel free to contact me for any information.

RITA A. WALKER
REALTOR, ABR, GRI, SFR
ELINE REALTY COMPANY
111 S. HUBBARDS LANE
LOUISVILLE, KY 40207
502-819-3344
0 votes Thank Flag Link Tue Mar 12, 2013
Now is a good time to buy a condo or townhouse, if you plan to purchase and "stay put" for at least 5 years. The inventory selection is good, many sellers are motivated, prices are at their lowest in years, and mortgage interest rates are still at record lows; however, before you "jump into the market", start with a call to your mortgage lender, tell them what you are looking to do, and get pre-approved first.

Tim Stephens, Semonin Realtors
502-216-1111
tstephens@semonin.com
timstephens.semonin.com
0 votes Thank Flag Link Mon Mar 11, 2013
Now is a good time to buy a condo or townhouse, if you plan to purchase and "stay put" for at least 5 years. The inventory selection is good, many sellers are motivated, prices are at their lowest in years, and mortgage interest rates are still at record lows; however, before you "jump into the market", start with a call to your mortgage lender, tell them what you are looking to do, and get pre-approved first.

Tim Stephens, Semonin Realtors
502-216-1111
tstephens@semonin.com
timstephens.semonin.com
0 votes Thank Flag Link Mon Mar 11, 2013
Preparation for ownership is always a good idea....
0 votes Thank Flag Link Sun Mar 10, 2013
The "silver lining" regarding the possible purchase of a townhouse or condo right now is the variety of inventory currently on the market, also there are alot of motivated sellers likely willing to deal, and the interest rates are still great. My suggestion, before you start looking, is to talk to a lender about getting pre-approved, and let them know you have interest in purchasing a condo. Once you know what price range will be comfortable for you based on where you would like your payments to be, you will be ready to look...

Tim Stephens, Semonin Realtors
502-216-1111
tstephens@semonin.com
0 votes Thank Flag Link Mon Feb 11, 2013
Dorothy,

With rates at or near historic lows, buying would be my recommendation. I would be happy to provide you with a comparative analysis and/or discuss financing options with you.
0 votes Thank Flag Link Mon Feb 11, 2013
Hello Dorothy,
These are questions for a loan officer. When you do buy a home be sure to find a realtor that will look for your best interest and help in finding a home that is in good shape so you will not be pouring money into it after the sale. Also look at your condo fee. I always tell my buyers to look at what they are paying now and if they can make there rent payment on time and still have money left over then they should be able to make and keep there house payment up. When talking to a loan officer let them know how much you are paying for rent. Tell your loan officer you want your house payment to be that amount including maintenance fee, tax and insurance. Then you should be O.K.
A couple of loan officers I work with:
Jason Abernethy with Swan Mortgage 502-298-5494
PJ Tapp with Century Mortgage 502-641-0693

Wishing you the best!
Pam Roseberry, Keller Williams Realty
502-664-5939
0 votes Thank Flag Link Mon Feb 11, 2013
I would recommend you purchase... with interest rates so low. What have you got to loose. Call me and I will be happy to work with you.
0 votes Thank Flag Link Mon Feb 11, 2013
As long as your credit score is above 640 you should be fine. I am the President of Integra Mortgage Group, LLC in the Louisville area and I would be happy to discuss your financing options with you. Skip Banister, 502-314-5626.
0 votes Thank Flag Link Mon Feb 11, 2013
You can obtain an FHA loan with a 620 to 640 credit score. I have a super loan officer that I would gladly refer you to. brichardson@semonin.com
0 votes Thank Flag Link Mon Feb 11, 2013
I would say if you are going to buy now is the time to do so. The interest rates are the best ever. It appears we are looking at inventory shortages and with the less properties on the market prices go up. When you do a comparison on rent versus payments I think you will be pleasantly surprised that owning is probably cheaper than rent.
brichardson@semonin.com
0 votes Thank Flag Link Mon Feb 11, 2013
Please contact me at 314-5305 or RhondaRobertsHomes@gmail.com and I would be happy to talk with you concerning the decision you would like to make. It is a great time to purchase a home and I can certainly understand why you feel renting is overrated and overpriced. I can put you into contact with some terrific loan officers who can counsel you on your credit score and right now there are possible opportunities for down payment assistance programs that you might possibly qualify for.
I look forward to hearing from you!
Rhonda Roberts, Realtor
RE/MAX Real Estate Center
http://www.RhondaRobertsHomes.com
0 votes Thank Flag Link Mon Feb 11, 2013
Dorothy,
There are a lot of factors to consider in making your decision. Is this your first time buying a home? How long do yu plan on staying in Louisville?
interest rates are very low now, so I would suggest calling a lender to see what steps yu would need to take to get preapproved of yu can't get a loan now. There are so many programs out there to make home ownership affordable-yu may be surprised! I'd be more than happy to provide some lenders for your convenience just to explore your options. give me a call 502-681-7335
0 votes Thank Flag Link Mon Feb 11, 2013
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