Home Buying in Saint Paul>Question Details

Rachel, Home Buyer in Downers Grove, IL

We are planning a move in late June, and don't have a large down payment. Would it be better to rent and save or look for a "deal"?

Asked by Rachel, Downers Grove, IL Sun Oct 20, 2013

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9
Christopher Block’s answer
I would say on top of this Rachel Minnesota has some pretty flexible down payment assistance programs you may qualify for as well. For FHA you can get a down payment gifted to you.

The good news is you have practically 8 month's to budget for a down payment. Use the time now to speak with a loan officer about getting a pre-approval, so they can tell you a ball park figure to shoot for. Find out what the MOST is you can save per month, and then you will be able to determine how many month's it will take before you can buy a home.

That will help the rental situation, and a Realtor will help review the market with you to find the best location to do the home search.

I am not sure what you mean either by a "deal". You need a down payment regardless, and a cheaper home does not necessarily mean a better deal. Unless you are someone who does not mind fixer uppers (and yes they require more than carpet and paint) It really just comes down to what you can afford.

Regardless, the take home message is that now should be the time you plan. That will allow you to prepare for the future and hopefully be ready in June. I would love the opportunity to speak more with you on this being a St. Paul guy myself. Feel free to contact me anytime.

Good Luck!

Christopher Block
Realtor St. Paul
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Mon Oct 21, 2013
That would be best answered by both a Financial Advisor and/or Loan officer.
You can start with:
Michael Dietrich
651-206-3377
http://0678280002.brokersite.com/Default.aspx
0 votes Thank Flag Link Sat Jun 28, 2014
Hello, Rachel! How has your search been going?
0 votes Thank Flag Link Thu Jun 12, 2014
Get approved with a local lender that I recommend. Are you renting in St. Paul now?

Because once you are approved you make the call whether or not to pull the trigger on a home you like. You can look until "the one" comes along.

Hopefully you are in a month to month lease?

Lets talk about the process sometime! Cody@MetropolitanHomeTeam.com

Take care!
0 votes Thank Flag Link Thu Dec 5, 2013
Hi rachel

You dont have to have big down payment for purchase house. depending state you can put as little as 1/2 % down , standard fha 3.5 % down and conventional 5 % down, check with your local Mortgage broker for more information on lowest down payment program.

Omar Khamisa
510-648-5535
NMLS # 369325
0 votes Thank Flag Link Sun Oct 20, 2013
FHA loans require a down payment of 3.5%. That isn't necessarily a large down payment. I'd talk to a local lender/mortgage broker and talk to them about your situation.

Good luck!
0 votes Thank Flag Link Sun Oct 20, 2013
Everyone's idea of a "big down payment" is a little different and depends on what you're looking for and in what price-range, so I wouldn't give up hope! I'd recommend working on getting pre-approved for a loan sometime early next year and, if possible, to get started with a search here in person sometime in March. That way if you're looking for a late-June move, we have plenty of time to try and find you a great place before having to put in an offer. I'd be happy to be a resource for you along the way! Would love to hear from you and talk more about your thoughts and search so far. Thanks, Rachel, hope to hear from you soon!
0 votes Thank Flag Link Sun Oct 20, 2013
You don't necessarily need a "Big Down Payment". And depending on where you want to live, you may not even need one. Please let me know if you have any further questions.

Ron Jensrud
100% for Home Buyers - 100% of the Time!
0 votes Thank Flag Link Sun Oct 20, 2013
Rachel, please contact me directly at 651-256-7400 to discuss your options. Where are you planning on moving to? Do you need to sell your current home? Please advise. Talk soon!!

Robert Schuchman
ReMax Results
0 votes Thank Flag Link Sun Oct 20, 2013
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