First of all....congratulations on saving money to buy a home!
Buying a home can feel like a very scary process but I am here to offer you guidance to make it less stressful for you. As a Realtor, I help buyers and sellers every day through the real estate process; however, it's a whole new process for you, and I understand that.
I am known as The Only Realtor Who Will "Fuss" Over You and I'd be happy to do just that. Please email me at firstname.lastname@example.org or call me at 717-587-2046. We can talk about the pros and cons of renting/buying. I would be grateful for the opportunity to work with you. Thanks.
~Cheryl Fuss, REALTOR with Gateway Realty 120 North Pointe Blvd., Suite 200 Lancaster, PA 17601 717-560-5500
Advanced Realty Services
This is a rather involved question and is best handled with a Realtor in a meeting. Having said that I can give you some general information that is hopefully helpful. Keep in mind that every potential buyer's situation is different for many reasons. With today's low interest it is possible to buy a house for less than you currently pay in rent.
Typically the minimum payment required for a buyer is 3 1/2% with an FHA backed loan. Depending on what loan type is best for you it is possible to get up to 6% in sellers assistance. You mentioned $8000 in funds which could get you into a home in the 150K range @ $1000/month. In general you will get a better rate with better credit scores and more money down (over 20%). There are even programs that allow you to buy with up to 100% financing if you qualify. Additionally there are tax benefits that you would be able to claim at tax time each year.
As a licensed Realtor here in Lancaster, PA and would be happy to assist you in your home search. My services come at no cost to you (as a buyer) and I can help you make an informed buying decision. We can determine what programs will be best for you and show the payments for some available houses.
Call me to schedule a meeting to see if buying makes sense for you to buy right now at today's low interest rates.
Karl D. Seidel
Keller Williams Realty Lancaster
1630 Manheim Pike
Lancaster, PA 17601
Office: (717) 735-1145
Cell: (717) 615-4250