OWN VS RENT
I remember when I graduated high school, we all just gravitated toward renting an apartment. I didn't consider owning a home until I was pushing 30. Things were different than they are today. If all I heard was how low interest rates were and that we were experiencing record low home prices I'm sure I may have taken notice to that.
We are currently experiencing the old supply and demand in the current rental market. More people have been renting and so rent has gone up while at the same time home prices are at a record LOW. Most pay 10 - 20 thousand a year in rent.
It seems you can't escape the news when it comes to the housing market. It is a real catch 22 because we also have a terrible economy, and many are having tough economic times. This is the worst I've seen it.
Yet there are those who actually will qualify to own a home and should definitely take advantage of it!!!
As of mid-January, Wells Fargo says a credit score of 500 is okay. If a buyer has a credit score between 500 and 579, they can get a mortgage if they have 10% down. This money must come from the buyer, it may not be a gift.
Borrowers with a score of 600 or higher can make a 3.5% down payment!