In addition, because of the market, you might be able to get owner financing or be in a rent to own situation.
Just plan to go talk to a lender or mortgage broker & see how much mortgage you could qualify for!
The approach I like to use when deciding to buy is to get your financing arranged first. So, you're on the right track. If make a good income and are not saving, then you need to look at that first. Of course you have to pay taxes, but there are other areas where you can save money. If you are paying more than 12% on any credit card, call the company and try to get it lowered. Keep trying every 2 months until they agree. If they don't, close that account. You don't need it and it is only hurting your finances. Once you get the debt under control, look at other expenses. Paying over $500 for a car payment? If it's not a tax writeoff, it's probably not a good idea. You should seriously consider talking to a financial planner.
Once you have those items addressed, talk to three lenders. I recommend a credit union, a bank and a mortgage lender. Call or email and I will send you three recommendations. The tax advantages of home ownership are substantial. In some case, a person can save over $5000/year. That almost $500/month of your tax money that could be going toward a home payment.
Frank Diaz, MBA, (RA)
808 723 0900
An example of being "rent poor." More recently the "down payment" issues have become an even larger factor in purchasing a home. However there are programs and options that may help your situation. Our recommendation is to do two things: visit several loan agents and begin working with a real estate professional.
It is important that you become familiar with your options and have a plan to move forward......spending $2,500 on a monthly rental is not the best approach. Step one, is to explore all options and develop a plan that will take you in the direction you need to go.
The Eckler Team