I am 25 years old with 2 kids, I want to buy a home instand of renting. I have a credit score of 640 in July, and I am working as a respiratory

Asked by Jenise, Crt, Marrero, LA Tue Nov 2, 2010

therapist. Do you think I should by a house now, rent, or wait?

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6
Lisa Heindel, Agent, New Orleans, LA
Tue Nov 2, 2010
BEST ANSWER
Jenise, have you met with a local lender yet? He or she will be able to lay out for you the estimated costs for buying a home, since there is more to it than just your credit score. Prices on the West Bank have gone up in some areas, down in others, so figuring out where you would like to live would go a long way towards helping you decide if you feel comfortable with not just the cost of a home, but also the additional costs of a down payment, inspections, taxes and insurance.

My recommendation would be to use a buyer agent who is experienced in helping first time home buyers. We have a dedicated buyer agent as part of our team. There is no cost to you and it's worthwhile to spend a few minutes talking to someone who can help you find the right answers that fit your situation.
1 vote
ian cockburn, Agent, New Orleans, LA
Thu Aug 23, 2012
Alot depends on your overall financial picture:
1) How much cash do you have?
2) How much income do you have?
3) How much 401k, etc. do you have and can you get to it?

Beyond a downpayment you need $ for insurance, taxes and trips to Home Depot once you purchase any home.
Your best bet at your age, if you can get through answering 1-3 with enough money is find yourself a double. This way you have income now, and by the time your kids goto college you can afford it.
0 votes
Michael Andr…, Other Pro, Baton Rouge, LA
Mon Nov 8, 2010
Why wait? Interest rates are in the low 4s, Property is not moving, which is forcing homeowners to drop their prices.

What better time than now?

In Louisiana...Give me a call....Lets see if you qualify

Michael Andries
Loan Officer
Network Funding Residential Mortgage Bank

225-291-9700 http://www.800rate.com
0 votes
Katherine Ra…, Agent, Mandeville, LA
Tue Nov 2, 2010
There are great deals out there and rates are phenomenally low. If you plan on staying in the area for a few years it can be a wise investment. A lender will help you determine your debt to income ratio as well as what to expect in additional costs.
By the way, I have worked with Lisa Heindel and recommend her wholeheartedly! If you want to consider the northshore, please give me a shout!
Web Reference:  http://Katherineracine.com
0 votes
David Chiles, Other Pro, Los Angeles, CA
Tue Nov 2, 2010
Thank you for your question about timing your home purchase. I suggest looking now even if you do not buy because you are qualified and the right deal may present itself. The 'right deal' could be that house in that neighborhood that you never thought you could get into but has something available now. It is a buyers market take advantage of it by getting pre qualified for a loan and shopping around with a good local real estate agent.
0 votes
Christy Schw…, , Sarasota, FL
Tue Nov 2, 2010
You would qualify for a loan to buy. What kind of price range are you looking at? Do you have alot of other expenses? Right now is the best time to buy due to housing prices being low and the record low rates.
0 votes
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