Home Buying in Biscayne Park>Question Details

johnny.renes…, Home Buyer in Biscayne Park, FL

i want to buy a house inset of rent my credit is 559 and getting better i resieved social security about 1300 a month i want to know with this economy

Asked by johnny.renesca001, Biscayne Park, FL Sat Jan 28, 2012

can i aford to buy a house now insurance and all

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Johnny:

Talk to your bank, mortgage broker or lender and see how the pre-approval letter looks. Prices in many areas are very attractive and it is possible that you could afford to buy a house. Keep in mind that home-ownership often involves unexpected and occasionally expensive repairs repairs and improvements.

Biscayne Park, Miami Shores and North Miami are great neighborhoods and I have seen a few exceptionally good deals to be had. Look at this link and search by price, city, #bedrooms, etc. http://www.waterwayrealty.com/mix.htm

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0 votes Thank Flag Link Mon Jan 30, 2012
Johnny,
Keep working on your credit score. If you could get approved, your interest rate wouldn't be as attractive as it would be with a better score. When you get in the low 600's talk to a local lender about your options. Your income doesn't leave a lot of room, but SSI gets adjusted up, so depending on other bills you may qualify for something. The trick may be finding a home within your budget.
Realize too that your mortgage payment is only one cost of home ownership. When something breaks, leaks or needs attention, you have to pay for it. Maintenance costs and repairs can eat up the remainder of your budget quickly. Even if you buy a home in good shape now, over time things break and with your limited income it may be hard to save for a rainy day. Best of luck however you proceed.
0 votes Thank Flag Link Sat Jan 28, 2012
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