Your down payment will depend on the type of mortgage loan you go with. If you're a veteran, you could use a VA loan and get the entire home financed with no money down. An FHA loan requires a minimum down-payment of only 3.5% down. Then there are conventional loans that will require more down.
Your loan choice will be dependent on your needs, the type of home and your qualifications. If you're buying a condo, more than likely, you will need to use a conventional loan, since most condo associations do not approve for FHA lending.
I would be happy to discuss this with you in more detail and refer a lender to you to help you find the best loan for your needs.
Jasmine, if you are qualified and can buy, then buy. Look at what is offered for sale and what is on the rental market. It's a very interesting situation now when cost of ownership is much cheaper than cost of rent.
Let's look at the numbers. You can rent a 2 bedroom apartment in Solon today for about $1,000 per month. And you can buy 2 bedroom townhouse with 1 car attached garage for under $90,000, so your monthly payment including principal, interest, any mortgage insurance, property taxes and maintenance fee may be around $900/mo.
If you are looking for a bigger house, then situation is even better for the owners than for renters.
The only reason to chose rent over purchase is if you are planning to stay in the area or a short period of time.
If you need more deep analysis of your situation or any other assistance, please do not hesitate to call me 877-770-5551 x 801. I will be happy to help.... more
There are numerous car moving companies out there, and the costs can actually be less than doing it yourself (when you add up all the tolls, gas, hotels, wear and tear on the car, etc.) If you're hiring a mover for your household goods, you may also want to get a quote from them!... more