Should I even pursue the purchase of a home if I only intend to be in Lubbock for less than 10yrs? With mortgages at 45k it's pretty tempting.

Asked by Eric Ewing, Dallas, TX Wed Jun 12, 2013

I am pursuing my dreams of going to school finally after working professionally for the last couple years of my life. At 23 going on 24 and in the budget range of a $550 apartment, do I even have business thinking about buying a home? This really is just a thought but the prices made it seem at least feasible. - Little or no Down, terrible credit 550, not going to come close to the end of the note.

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3
Wendell Burr…, Agent, Lubbock, TX
Mon Sep 16, 2013
Well lets be honest. First off, 550 will not get you into a home. Need a 640. You will also have to at least pay the down payment since ZERO down is too good to be true. If you do find someone to get you a mortgage with a lower credit score or offer you a ZERO down...you are usually paying for it somewhere. Next, 10 years in Lubbock. As an investor or someone who does the math, yes i would buy. You can make your money back plus some vs. wasting it all on rent and getting ZERO back. I would focus on school first and if you so happen to get your credit score up and save a bit to buy a home, go for it. Just make sure it pays in the end.
0 votes
Shari Straley, Agent, Lubbock Texas 79414, TX
Thu Jun 13, 2013
I would definitely focus on schooling. Through the process, work on bringing your credit score up (pay down credit cards and school loans). That will help you for later, when you finish school to focus on actually purchasing a house.
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Jun 12, 2013
Focus on school.
Get it done in 4 years.
No reason to take 10.
http://finance.yahoo.com/news/duke-grad-student-secretly-liv…
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