It's time to move on.....

So Matt and I have been living in a house that we've been renting from my mother. We had a meeting with my mother this week and realized there is no way to catch up on the mortgage, and the best path to take is to let the house go. Yep, it's time for us to find a new home. So, we're trying to decide whether to rent or buy. Right now buying cost less than rent on a monthly basis - so we've been lookin at homes to purchase, but it's still 3 months down the road before we'll have near enough money for a downpayment.

Not only that, we've just financed the Pathfinder, so that might work against us both ways...

Any suggestions either way?

you can have your loan agent look into a neamiah (sp) loan. basically you get the seller to pay the closing costs and the down. the seller usually have to be on the verge of forclosure and are desperate. we did that and got into our house for less than 2k out of pocket.

snowshoebrue wrote:you can have your loan agent look into a neamiah (sp) loan. basically you get the seller to pay the closing costs and the down. the seller usually have to be on the verge of forclosure and are desperate. we did that and got into our house for less than 2k out of pocket.

That's a great idea... I'll have to mention that to our lender and see what she says bout it. Thanks Justin!

I would hurry is you are going to try Neamiah because the gov't is trying to get rid of it. I have an agent that specializes in that so if you need one just ask. I just purchased a house and I paid the down payment for the loan which was 3% but I negotiated for the sellers to pay the closing which ended up at about 3% as well.

I just went through all of this in the past month so let me know if I can be of any assistance.

Good luck!

I did the same thing that Justin did. Look into FHA and first time home buyer loans. Make sure you talk to an FHA lender, not everyone is, and make sure the rep you talk to knows their stuff. My realtor actually knows a lot about it, I just walked into her office of the street, and after a few discussions, I realized how fortunate I was to have met her. The more knowledgable the realtor is about the available loans, grants and so forth, the better.

Our realtor is pretty knowledgable... he and his wife have been in the business for years, and we've worked with him before. Our lender is a family friend who will do whatever she can for us..... so our holdup is comin up with a down right now

FFC wrote:Our realtor is pretty knowledgable... he and his wife have been in the business for years, and we've worked with him before. Our lender is a family friend who will do whatever she can for us..... so our holdup is comin up with a down right now

So look into FHA, or first time homebuyer stuff, see what grants and stuff are out there. I didn't have to put any money down, all told, I spent 1500 related to the purchase of the home.