Rent vs Buy in Kissimmee>Question Details

Edward Rodri…, Real Estate Pro in Orlando, FL

Not sure to buy or rent. We want to buy since are credit is good but not to much money for the down payment.

Asked by Edward Rodriguez, Orlando, FL Sat Jan 19, 2013

We are living in NJ and planning to move to florida. Planning to live in kissimme or close to Orlando. I'm working on a work transfer from here to florida. We are planning to travel to florida in march to know a little more about it and talk with the company manager down there in florida about my job transfer. I want to know if I can do a prequalification to know how much we can forth to start looking for are future house. My credit is pretty good but we have very little money for down payment since we got to save for the moving and all that stuff. I'm first time buyer. Looking for a 3/2 house around 85k in a good neighood since we got a 4 year old boy. We are going to florida in march so are plan is to get the loan prequalification to see if we can start making offers on houses in that week that we gotta be there.

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Answers

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Edward, would you be surprised to hear that equally as often, renting is the best option- depending on circumstances of course. It doesn't sound as if your company assists in any way in the relocation in moving cost. But just to be certain, I would ask if they do provide any type of assistance in your move.

My suggestion is that before you travel down in March, do a little research on home prices vs. rental prices (and in various areas or neighborhoods that you might have interest in). For instance, is the price point you are interested in reasonable for the area.Then when you are down in Kissimme (I've be there ;-)), you can get local insight and opinion to couple with your research.

I hear you have a 4yr old boy and sounds like you'd like to settle into a new home. But I don't feel you have to rush to buy tomorrow to get a "good deal",especially if you have little money for a down payment. If you have less that 20% down payment available, all the money that you would have saved on low interest rate will be eaten up by PMI (Private Mortgage Insurance). Additionally, when relocating to a new city - it takes at least a year to really get a feel for your new city and it's communities and vibe. You don't want to buy a home that you are not going to want to be in for at least the next 5 years.

So in your scenario, depending on your down payment amount, I am an advocate for renting; but renting a place that is nice, but less than you can afford! Take that money you save while renting and build up your down payment nest egg for your dream house!

Best of Luck,
Jaymes
1 vote Thank Flag Link Sat Jan 19, 2013
Thanks all you guys for your comments but I'm still very interesting to buy a house down there.
0 votes Thank Flag Link Mon Jan 21, 2013
Edward:

It will be difficult to find a 3/2 in in good shape for 85K. Maybe a townhome to start with is more likely. However there are more important matters. If you move without a transfer you may not be able to get a loan for two years. If you move with a transfer then it is possible. You will need a minimum of 3.5% of asking price for an FHA and will need about 3% extra for closing cost. There is also an alternative Zero down loan for people with good credit, but only certain locations qualify. Call me and I will explain all this. Tambien hablo espanol si lo prefieres.

Tony Vega
La Rosa Realty of Kissimmee
407-791-9086
AVegaPacheco@aol.com
0 votes Thank Flag Link Sun Jan 20, 2013
please contact


HECTOR M. REYES
Mortgage Banker
1395 SEMORAN Boulevard
CASSELBERRY, FL 32707
hector.m.reyes@jpmorgan.com



NMLS#840850


get a pre qualification and then call ir e mail and ai will show you what is available in your price range. If you do not like what you see then rent for a year and we can talk again.

alan@frontlinefloridarealty.com
http://www.frontlinefloridarealty.com
0 votes Thank Flag Link Sun Jan 20, 2013
I'm with Jaymes. Rent for a year, save some money, and then decide where you really want to live. You are going to find that there is very little inventory that fits what you want.
0 votes Thank Flag Link Sun Jan 20, 2013
There is a loan USDA, no need down payment and if you buy a new home, developer includes closing cost. Call me I have an offer of TV 42" and ceiling fans for every room with a purchase of a new construction home. Czfloresrealty@gmail.com or 787-307-7335
0 votes Thank Flag Link Sat Jan 19, 2013
I'm interested in finding out more information about applying for a USDA loan for a home.
Flag Sat Feb 1, 2014
Hello Edward,
I suggest that you contact a few mortgage lender to determine if you qualify for a loan and what that amount would be. I state a "few" lenders as some have more mortgage options to offer than others. They are the experts and can best answer your question.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sat Jan 19, 2013
Edward,

I would love to help you in Orlando. We currently have a few programs that might help you. Some only require 3.5% down. Please review my profile on Trulia and contact me or you can email me directly THoyt@prutropical.com. I can get you set up to receive an email with possible matches to help in your search as well.

I am sure your going to love FL and I hope I get the opportunity to help you.

Tracy Hoyt
Realtor
Prudential Tropical Realty
0 votes Thank Flag Link Sat Jan 19, 2013
I got no problem to make any fix to the house since I got experience in construction so I can do some painting, flooring, ect. any comment or advice will be apreciate. Thanks and God bless.
0 votes Thank Flag Link Sat Jan 19, 2013
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