Hello Libby Haggard,
I estimate that you can buy a home for the same money that you would rent this one. This is a hypothetical scenario, but if everything goes right you can do it. First you have to qualify for the down-payment assistance. There are restrictions based on your income. I am assuming you do qualify and that you have 1% for the down-payment. CAHFA will give 3% and you can buy with an FHA loan with a minimum fico of 640 and other factors that I can explain later.
Everything going right, with the $1700 you would pay with rent equates to a mortgage payment of $1700 + 15% (tax credit) = $1,955. That payment with good credit is the payment of a mortgage of: Principal And Interest $1,317
Taxes and insurance $379
Mortgage insurance $238
Total Payment $1,935.
These are hypothetical numbers with 4.5% Interest and 4.3% APR. I would have to run your credit check your income etc.
With this payment one can afford a loan of $260,000 and a Home of $271,000.
I checked the area and found a a house that could interest you:
2117 E 10th St Long Beach CA 90804 | MLS # R1200603 3 bed/1 bath 802 sq-ft $229,900
The mortgage does not go up ever and your rent yes. You start building equity and by the 30th year you donâ€™t have to pay anything and your house is worth a lot more.
This is just an idea. Everything I said is just wishful thinking, but buying a house with 1% down-payment is real and the low interest rates is also. I can check everything for you.
You can check if you qualify for the down-payment assistance on the link bellow, but email me for other programs.
If you still want to rent this house copy the link bellow and paste on the address bar of your browser:
USA Realty and Loans
Realtor: DRE 01892345
Loan Officer: NMLS 829964