Home Buying in 32256>Question Details

Sara, Renter in Jacksonville, FL

My Fiance and I are working on our credit and saving money to purchase a house. If we wait 2 years to save, are we waiting too long with the market?

Asked by Sara, Jacksonville, FL Thu May 16, 2013

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You can do no money down in some areas USDA or VA so research that. FHA is 3.5% down. Google ways to improve your credit. Try creditkarma.com for good information. You should try to buy in the current market if you can. The rates are low and will probably continue to rise as well as the prices have drawn stability.
0 votes Thank Flag Link Thu May 16, 2013
You are absolutely better waiting until you are financially ready. You want a good score to get the lowest rate possible. You also want a decent down payment to avoid paying PMI, which is just a waste of money. On top of all this you want an emergency savings to cover expenses for systems that fail in the home or if you land in a financial hardship so you don't lose your home. The market is at a peak and I believe along with many experts that things are going to come crashing down again in the near future. We recently bought a home in a very nice area but I expect the home will probably lose 40k in value within the next year or two. You are better off waiting and you already realize it is more logical. An agent is always going to tell you now is the best time to buy, they work for commission. You know what's best for you
0 votes Thank Flag Link Fri Dec 5, 2014
0 votes Thank Flag Link Thu Dec 4, 2014
Sara, Keep working on that score. Don't worry to much about the money part. You can still get into a property for around $1,200. Also it looks like asking prices are coming down a bit. So it might work out for the best. Let me know if I can further assist you and your fiance. Congrats btw.
0 votes Thank Flag Link Thu Dec 5, 2013
I don't think so. there will always be good deals to be found in real estate. Better to be cautious than to rush in and get over your head in debt.

0 votes Thank Flag Link Thu Dec 5, 2013
Interest rates are expected to continue to rise but need to keep it in perspective that rates are still very good even if they rise a little over the next year. Recommend working hand -in-hand with a reputable lender that can coach you on what it takes to get in a house and what loans are available. It may not be in your best interest to wait and put a lot of money down.
0 votes Thank Flag Link Thu Dec 5, 2013
Improving your credit is certainly important as it can lead to a better interest rate. However, Why not focus on making a "good deal" purchase right now? If property values go up, you win. If property values happen to go down, if you got a "good deal" then you already purchased at a discount so that the reduction doesn't hurt you. In other words, you made the purchase with a discount already. If your credit is better, and you get a little better interest rate, that could get you a better rate now. If you buy at a higher interest rate now, it is possible you can later refinance at a better rate. This, of course, depends on a lot of things. For example, if your credit score takes a hit for whatever reason, that could become a problem on getting a better rate. Focus on finding a "GOOD DEAL" in order to come out ahead. All the money you are paying on rent should be redirected into home ownership sooner rather than later.
0 votes Thank Flag Link Mon Aug 19, 2013
That's great that you are working on cleaning up your credit, but I suggest you contact a seasoned Loan Officer so they can give you some pointers as most consumers do NOT understand some of the ramifications of paying off some collections. They can actually hurt your credit score. Case in point. I received a call over the weekend from a borrower who is in the middle of an escrow. At the beginning her credit scores were above 640. At the direct of her Loan Officer, she paid off two collections. As a result, the collections were updated as a "Paid Collection" and her credit score actually dropped to below 600 making it impossible for the lender to approve her loan. This happens more than you can imagine. Paying off collections, disputing past negative or derogatory information must be done strategically. Please click on the link below or feel free to contact us if you have any questions.

Best of Luck!


0 votes Thank Flag Link Tue Jun 4, 2013
Hard to say, but you should speak to a qualified mortgage broker to make sure you are on the right path. I recommend Eric Hall with Atlantic Trust Mortgage 904-338-9356 or ehall@atlantictrustmortgage.com.
0 votes Thank Flag Link Tue Jun 4, 2013
Sara, if you have not already done so, the first step you need to do is go see a lender and get pre-qualified. While at prequalification, the lender will not pull your credit, the lender will be able to give you a good estimate of where you stand with your finances. You may be better off than you think. Ask your lender if they do Home Path Mortgages...these particular loans with approved credit score of minimum 570 will allow person to qualify with only 3% down at an interest rate for some as low as 4.5%. Remember in addition to the down payment, you will still need funding for binder deposit, closing costs, appraisals, insurance, etc.. If you have more questions, I would be happy to answer them.
0 votes Thank Flag Link Thu May 16, 2013
HI Sara Have you looked into NACA? not the fastest program but they offer great benefits including working with a specialists that gives you a checklist of everything you need to do to get a home mortgage, no down payment, and being able to buy our rate down to 0%. Depending on what you need you could be approved quickly or over a year. It definitely is worth looking in to if you have some time and patience. :)


Feel free to contact us if you have any questions about NACA or other.

CC Underwood
0 votes Thank Flag Link Thu May 16, 2013
You may not need to wait to years. Find a competent local mortgage broker, and explain the situation. NACA has a local office in Jacksonville, contact them and ask for a mortgage broker referral from their roster....they are known for helping the underdog. 3986 Blvd Cntr Dr Suite 101 Bldg 1200, Jacksonville, FL 32207 Phone: (904) 306-9272 Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Thu May 16, 2013
Sara, It's hard to predict what the Market will do or where interest rates will be in 2 years. What you want to do is hook up with a good loan guy to prepare and a good Realtor. Have a Great Day and Good Luck with your home purchase and wedding.
0 votes Thank Flag Link Thu May 16, 2013
It is best to contact a mortgage professional at the beginning so you can see exactly where you are currently. Many issues with credit and down payment requirement can be fixed rather quickly. Some in as little as 6mos, but you need to get an idea of what you need to do so you can make a plan to acheive it. Many clients come to me that are not quite ready to make a new home purchase and do not know where to start. We can often create a game plan and realistic time frame to get them into a home
Feel free to contact me if you have any questions.
Keven M Brennan
Sr Mortgage Consultant
American Home Funding
0 votes Thank Flag Link Thu May 16, 2013
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