Should we buy a home now before our income goes up?

Asked by Jessica More, Philadelphia, PA Mon Sep 9, 2013

We don't have much for a down payment and closing costs ($7k) but we have good credit. With my husband graduating law school next year, we will see our income jump from $40k to more than $100k which would make us ineligible for certain first time home-buyer programs I have heard of. I also know there might be down payment grants if we have a lower income. Should we buy this year while we are still eligible?

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Larry Lichtm…, Agent, Bala Cynwyd, PA
Mon Sep 9, 2013
Hi Jess,

I would say that depends on where you want to live? Obviously with your household income more than doubling next year, you would qualify for a much higher maximum price range.

If you can qualify and afford to buy a home where you wish to live now, then it would be wiser to buy now. Interest rates are predicted to keep climbing. Prices are also rising in many Philadelphia neighborhoods as it is slowly swinging toward a Seller's Market again.

If, however, you can't find a home you really love now, in your price range, I would advise you to wait until your husband starts working at a law firm.

Please feel free to call me directly. I'd be glad to meet with you and your husband to discuss the mortgage and home buying process. We could also get on the computer together so I can show you what is available in your preferred locations at various price ranges. This will help you better strategize.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994

Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
2 votes
Prat Jain, Agent, Langhorne, PA
Mon Sep 9, 2013
Hi Jess,

You may currently be eligible for some assistance programs at the income level stated and that makes now the time to buy.

However, at the new income level, your choice of homes will be greater.

Working with a Realtor, you should explore the homes currently available in your price range and see if any homes fit your needs. Then you can decide whether you want to buy now.

Please feel free to contact me if you have further questions.

Best Regards,

Prat Jain
Landcorp International Inc.
Cell: 215-208-8722
2 votes
Philip J. Cu…, Agent, Feasterville, PA
Mon Sep 9, 2013
The people you need to talk with are Mortagage Banks I work with some that would be happy to talk with you and your husban Please call me in my office 215-725-5700 X49

Philip Cunningham
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49 cell 267-934-1971
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2 votes
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Don Sherman, Agent, Philadelphia, PA
Mon Sep 9, 2013
Hi Jess;
In my opinion, the answer to your question is if you are mortgagable for the home price you want to purchase at the present time then yes, this is the time to purchase.Home prices are rising as are interest rates on mortgages.If you are not at the moment able to purchase the home you both want then I would wait until the income goes up.
Feel free to call me for a detailed discussion of your situation.
Don Sherman
Century21 Advantage Gold
2 votes
Shaukatali K…, Agent, Katy, TX
Mon Sep 9, 2013
Hello Jess,
I would highly recommend you too buy today.
First the market has been changing and real estate is improving... Going UP.
Than you mentioned that you being first time buyer you will be entitled to some assiatannce programmes so this will benefit you also and get some GRANT money.

So go look for a good realtor in the area you are considering and get pre approved with a lender.

Good LUCK.

Check all my sites/videos for valuable info and provide a feed back Jesse.

Kadibhai (Kadi)
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Phone: 832-228-7978
Fax: 281-646 1841
"The highest compliment I am ever given is when
I am referred to your family & friends!"

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