Example 100,000.00 condo with 20,000.00 down payment is $80,000.00 financed, add in taxes and insurance and a codo fee that to be 786.00 to 986.00 per month!
Condos are better than paying rent to someone else, this way you build equity then someday you will be able to buy a bigger unit or a house??
Now is a great time to buy, just remember It takes the average home buyer 6 weeks to find thier home and and 1+ months to close the transaction the deadline on the tax credit is NOV 30th and you must have your transaction closed. That being said I just hepled a woman with the same situation as you buy a 2 bed condo in Andover MA for 220,000. Call Brian Andler at 978-766-3070 for a pre approval, then get started !! I work both in MA & NH you can visit my website or contact me direct I will send you a free first time home buyer package that will explain the credit in detail. If you have any further question call or e-mail me
I agree with Bill.
Check out a local bank, a national lender such as Wells Fargo, Bank of America and maybe a credit union if you belong or can join. DO NOT have them each pull a credit report as it may adversely affect your score. Just get one and share. The bank you choose will probably do it again but that would be fine.
One bedrooms can be a tough resell, but if it works for you, it works for you. The location,a low number of other one bedrooms in the complex and the quality of the property as a whole may protect the future value. Especially buying in a downturn.
I would not recommend a 1 bedroom- re sale is tough
If you are looking in the South Coast area, south of Taunton I would be glad to help visit my website at http://www.ViewYourDreamHome.net for a free list of homes for sale & more info on the $8,000 Tax Credit You Do not have to pay back !
Mortgage calculators are not set up to include your ability to live as cost efficiently as possible but assume you are going to have certain expenses which you may not.
Our recommendation is to visit several loan agents and have them put together a plan that includes your REAL numbers. We would tend to agre with you about being able to afford more house. Is there a chance for pay raises of bonuses. These elements should not be overlooked.
Additionally, you are absolutely correct about 1 bedroom condos having poor resale value.....we recommend avoiding this situation.
Remember to request a "good faith estimate" from each loan agent. This is nothing more the a written account of the programs and rates the agent quoted to you during your meeting.
At this time, the only mistake you can make is to NOT actively looking at property and exploring your options.....keep gathering information and looking. ,,,,and trust it will happen.
The Eckler team
I work with a lot of First time buyers here on the south shore. Is the south shore a place of interest for you? I have a strong team and work closely with mortgage brokers who also specialize with first time buyers and know of all the programs out there. Please feel free to contact me at firstname.lastname@example.org so that I can assist you with any questions you may have.