Home Buying in Lancaster>Question Details

Allen, Renter in Lancaster, PA

Rent or Buy in lancaster?

Asked by Allen, Lancaster, PA Fri Aug 31, 2012

I'm interested in becoming a first time home buyer and feel lost in the process. I'm currently living in a townhome and am considering purchasing a home or townhome.
However I don't have a ton in savings (8000), want to be out of the city portion, and am looking for something *perfect* - I know mortgage rates are down but I'm not sure if I should rent another year or go ahead and purchase? Any advice?

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6
There are plenty of low downpayment options available if you have good credit. The minimum credit score is generally in the 680 range to get a mortgage so give me a call or e-mail and I will be happy to explain your options!
0 votes Thank Flag Link Mon Oct 15, 2012
It is always better to own! Then you know the money that you are spending is eventually going towards equity for yourself. And rate are very low, so cost to own in many cases are less than rent. Contact me if you are serious!
Thanks,
Brian Halter
0 votes Thank Flag Link Fri Oct 5, 2012
Hello Allen,
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 cherylfuss@cherylfuss.com 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
0 votes Thank Flag Link Wed Sep 5, 2012
A decision only you can make; it’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation.
0 votes Thank Flag Link Tue Sep 4, 2012
Hi Allen, Todays Real Estate market has bottomed out as far as Pricing. Real esate always goes in cycles so obviously you want to buy when prices are down like now. As an EXTRA BONUS interest rates are at an all time low which never happens when prices are down! So buying today is a fantastic opportunity! For example, if you purchase a home for $200,000. your monthly principal and interest payment is $892. Month. Also you can write off the monthly interest for even more saving.This is cheaper thean renting in most cases. There are plenty of financing programs that can assist you with buying a home withh 8000. Call Me, I have 30 yrs experience and a memeber of the Top Agent Group.
Advanced Realty Services
Brad Albert
717 283-6882
0 votes Thank Flag Link Tue Sep 4, 2012
Allen,
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.

Regards,
Karl D. Seidel
Keller Williams Realty Lancaster
1630 Manheim Pike
Lancaster, PA 17601
Office: (717) 735-1145
Cell: (717) 615-4250
0 votes Thank Flag Link Fri Aug 31, 2012
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