Rent vs Buy in Corona>Question Details

Mike, Renter in Chino, CA

My credit is low 570-610. Is it better to rent or are there programs for teachers to get into a home?

Asked by Mike, Chino, CA Mon Apr 30, 2012

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J’s answer
Great answers here, however, I'll add my two cents.

The cost involved in owning a home is where you can determine if owning is better than renting. Consider your down payment, closing costs, lender fees, inspections, appraisals and so forth are one side of the situation. Your credit score, debt/income ratios and other important aspects will determine an interest rate and term for a home loan. Your benefit in claiming interest paid on the home at the end of the year will depend on your tax bracket and other deductions. Once you've done the numbers and included all expenses and interest benefit, you will see very clearly if owning or renting makes sense.

Quite a few folks have done the numbers and opted out of home ownership, at least for the time being because it costs them more to own than rent monthly. Good luck to you!
0 votes Thank Flag Link Wed May 9, 2012
A credit score in your range typically isn't too difficult to get above 620, where most lenders require it to be to buy. If you do have a lender that says they can lend with your score lower, be careful. If you open escrow on a property, and start spending money on a home inspection and appraisal, and the lender can't perform, you have just lost about $800. Also, do not give any lender money up front to get you approved. Whatever you do, be careful.
If you do decide you want to buy, rates and prices are great right now. While the government has been manipulating everything, it is impossible to predict the future, but buying is typically cheaper than renting. It definitely would seem that things cant get better as far as buying right now. With the down payment assistance programs, you can be very close to owning instead of renting.
0 votes Thank Flag Link Tue May 8, 2012
HUD has a Goon Neighbor Next Door program where you can purchase a home for 50% off. Contack us for more info about the program and we will be glad to help you if any homes are available. We work with several Lenders who most likely can help you. Let's talk!

Mitze McCurry
Real Estate Resource Services (LLB for HUD / PEMCO)
1861 California Ave Ste 102
Corona, CA 92801
951/280-1331
800/274-2129
0 votes Thank Flag Link Sun May 6, 2012
Hello Mike !
Congratulations on considering buying a Home ! Mortgages are typically lower than rents right now, and the rents are inching up still - So in my opinion, you can't go wrong with buying your very own home ! Your credit score seems a bit low for most lenders, but I can work with you on getting you approved.
Give me a few minutes of your time -- I'll provide you with a home buying presentation and have you shopping for your dream home !

â–º Call or Email me to get started !
Most Kindest Regards,
Mario Gonzalez
Realtor
714-363-8425
email: MariogRealty@gmail.com
KELLER WILLIAMS REALTY
JD Power & Associates Ranked #1 Buyer Satisfaction 2008, 2009, 2010
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
DRE LIC 01708214
0 votes Thank Flag Link Tue May 1, 2012
Home prices are at the lows of the 90's right now, so affordability in conjunction with historically low interest rates makes this one of the best opportunities to buy that we've seen in a generation.

This isn't to say values can't decline further, however, based on the financing available today, it could be the best time in regards to cost and affordability.

We have special programs for teachers, as well as specialize in helping those with distressed credit, so feel free to call with any questions at 1-866-766-1112 or my cell is 949-678-7251.

Best regards,

Thomas Jandt
REALTOR
Hilton Thomas & Associates, Inc.
HAFA Certified
SFR Certified
http://www.hiltonthomas.com
0 votes Thank Flag Link Tue May 1, 2012
Hi, Mike!

Yes, there are programs for teachers to get into a home! You can probably qualify, depending on your debt to income ratio. We have several really great lenders that we work with. Contact me and I will put you in touch with one of them who will let you know what your options are. It's painless, and there are no obligations! I am a former teacher, and my team is called The Buyers Group. Our primary purpose is to get buyers into homes. I would love to work with you! Call me or e-mail me.

Bob
The Buyers Group
Keller Williams Realty
909-945-0659
thebuyersgroup@gmail.com
0 votes Thank Flag Link Tue May 1, 2012
Mike,

To give you an answer that is right for you, I'd have to speak with you. There are a lot variables that play a role in making a decision to buy or rent. One of first questions I will ask you is why your credit is as low as it is. Do you currently own a home? If you own, did you recently go through a loan mod? Do you have a foreclosure on your credit? A BK? If you would a professional to walk you though this process give me call.

Nazar-
http://www.providentrealestate.com
951-444-8020
0 votes Thank Flag Link Mon Apr 30, 2012
Mike,

To give you an answer that is right for you, I'd have to speak with you. There are a lot variables that play a role in making a decision to buy or rent. One of first questions I will ask you is why your credit is as low as it is. Do you currently own a home? If you own, did you recently go through a loan mod? Do you have a foreclosure on your credit? A BK? If you would a professional to walk you though this process give me call.

Nazar-
http://www.providentrealestate.com
951-444-8020
0 votes Thank Flag Link Mon Apr 30, 2012
You'll have to make the decision if you'd rather rent or own, but there are programs that you can utilize with the credit scores you posted.

You might want to start by talking to someone at The Homefinding Center in West Corona.
0 votes Thank Flag Link Mon Apr 30, 2012
Hi Mike,
I didn't answer your question, is it better to rent or buy with your current credit score. You are so close to having a very viable credit score to purchase a home. As I mentioned you are very likely able to qualify for the down payment assistance program or use the teachers program called CALPERS.
I would like to see if I can be of assistance. Please feel free to call me.
Lydia Kray- Corona area Realtor
Cell951-733-1058

http://WWW.LydiaKray.com
Web Reference: http://www.LydiaKray.com
0 votes Thank Flag Link Mon Apr 30, 2012
Hi Mike,
My name is Lydia Kray and I am a Corona Eastvale area Realtor. I work with several lenders who specifically can tell you how to bring up the score to a 620 credit score. There is a program for teachers called CALPERs. One of my lenders could explain that further.
Also there is CHDAP which stands for California down payment assistance progqram. You could very well qualify for the 3% downpayment !!
Please feel free to call me with any other questions! I would love to be of any assistance!
Lydia Kray
Cell 951-733-1058
http://WWW.LydiaKray.com
Web Reference: http://www.LydiaKray.com
0 votes Thank Flag Link Mon Apr 30, 2012
Tim Manfro from Platinum Home Mortgage is very good. I don't get kickbacks for referrals. I just like his work and how he is very active with the local board of Realtors. He is located in Covina so he is not far.
0 votes Thank Flag Link Mon Apr 30, 2012
Thanks for your quick response.
Flag Mon Apr 30, 2012
There are programs for teachers, but you won't qualify with that score. You may qualify for an FHA mortgage depending on why your score is that low and if you meet the other criteria. If you have at least a 580, you can do an FHA mortgage with 3.5% down but it's by no means easy. In addition to the required scores and standard FHA qualification such as stable employment with documented earnings, no derogatory credit in the last 12 months, no active collections or judgements and a 12 month rental history, you will also be required to complete a homebuyer education course and provide the signed certificate. Contact me if interested.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Apr 30, 2012
Let me consider the info. Thanks for your response.
Flag Mon Apr 30, 2012
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