should buy now or wait?

Asked by sam, Houston, TX Wed Nov 13, 2013

first-time home buyer and super confused what to do with 50K per year and about 10K down payment with 12% DTI, need some opinions and a ballpark for what can I afford in this market... or just wait? TIA

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ryateslenders, Agent, Plano, TX
Wed Nov 13, 2013
Buy now! It's at least worth seeing what you qualify for.. Interest rates and home prices will only continue to rise. I would love to refer you to a lender and real estate agent to help you find what your looking for..
2 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 10, 2014
Well right now rates are relatively low and will likely raise in the future once the Feds start tapering. So it would be wise to consider the rates of today versus the rates that might be in the future. It seems that you would likely qualify for an FHA loan with that down payment and income. An FHA loan only requires 3.5% down with a down payment. There are still other parts of your finances that need to be looked at such as your credit, assets, employment, etc. So the best thing for you to do is to speak with a lender like myself directly to see if you can qualify and how much you can qualify for. I would be glad to speak with you to help you get started on a loan. If you have any further questions or if you would like a loan, feel free to contact me. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Fri Nov 15, 2013
No one can answer this for you without asking more questions and getting more information..

You need to sit down with a mortgage rep and go over ALL your financials.......and come up with real numbers.

For you know what your credit scores are? They are a pretty important part of the home buying puzzle.

You also need to factor in your lifestyle............plan a budget........buying a home is more than simply paying a mortgage, taxes and insurance.............there is no one to call when the furnace dies or the roof leaks.
It's all on you then - no super to call in for repairs!

You need to make sure you have a cushion in the bank beyond that down payment.

There is a lot to go over in making the big decision of whether it is the time for you to buy now......or if it is better to wait.

Best wishes.........

One size does not fit all!
0 votes
Thanks for the reply which is very true.

I have 760 average FICO, I only have a car payment and my total monthly obligations on credit are $480/mo, I am paying close to $1200 in rent and thinking about making a move to my own place, when I compare prices from the last few years the prices have appreciated to the max and I am not sure what to do and this doesn't seem like a good time.
Flag Mon Nov 18, 2013
Kevin Read, , Fort Bend County, TX
Wed Nov 13, 2013
Now is the best time in history to buy real estate. Our investors are driving us crazy and actually the number of investors in the market are driving up prices. First, determine through a lender or mortgage broker what you can afford. Second, find an agent that can help you look for homes at your price point and that knows the area well.
0 votes
Judy Moore-E…, Agent, Bend, OR
Wed Nov 13, 2013
Tia, Rates are low right now and the qualifications to get a loan are going to change as of January 1st.Time Buyers that qualify now may not after they change in buyer criteria. Rates will certainly go up after the first of the year due to the government being unable to pay the fee to keep them low. It's anybody's guess what is going to change after the first of the year. If you would like to get pre-qualified with a lender now, it would not be a bad idea.
Let me know if you need assistance with a quality lender. As a first time buyer, it's hard to know which step to make first, I work with first time buyers and will be happy to walk you thru the process.
My contact information is as follows.
I wish you the best with your decision to purchase a home.

Judy Everett, REALTOR
RE/MAX Fine Properties
Sugar Land's # 1 Brokerage
281 799-6282
0 votes
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