So much more than the mortgage? You bet. Every time I walk into Home Depot it's another $300 for the parts to fix something myself that would otherwise cost $1,000 with labor from a pro. I have city sewers so I don't have to worry about THAT headache right? Wrong. My city sewer pipe buried deep beneath the Earth needs replacement soon. Cost: $10,000. If you rent, you are basically sharing maintenance expense with many others and achieving an economy of scale. So rent vs buy IS an equation, and both sides of the equation have merit.

-Marc

Wed May 7 2008, 05:43

You'd be better off learning that just because the massive NAR marketing campaign has attached a stigma to renting, renting is NOT throwing money away. If you have no downpayment and poor credit, even if you find a house for 1245/mo monthly payment, can you afford taxes? house maintenance? water and sewer bills which renters almost never pay? homeowners insurance? Buying a house is A LOT more than just matching your rent.

Tue May 6 2008, 20:06

Doreen you first have to know what your credit report consistsof in order for someone to assist you. There are still a few (2 that I know of) loan programs that offer 100% financing. I reside in Randolph and would be glad to meet with you to help you set up a game plan i order for you to accomplish your goal of paying your own mortgage.

Tue May 6 2008, 12:53

Find a good mortgage person at a BANK. Talk to a them about what you want to do, let them review your credit and tell you what you can afford to buy, then start looking for a place, you will probably have $0 down? then you ned to find a person taht will accept these terms. Most buyers are leery about these deals as they can fall apart.

I can refer a mortage person to you with Citizens Bank that can help.

Email me.

JSacktig@orangekeyrealty.com

Tue May 6 2008, 11:57

Doreen, First of all what do you mean by poor credit? Some people think they have poor credit but haven't worked with a lender to figure out exactly what is going on and what they can do to clean it up. That's the first thing you should do. After that...I can tell you that here in Roanoke, Virginia the lenders have tightened up their lending. They are requiring a minimum of 2-5% of the price of the home as a down payment. The lender I work with has told me that the FHA program does not look at a credit score and she combines that with the AmeriDream program that helps with downpayments. Best thing to do is find yourself a good lender that you can trust and will help you clean up your credit and/or work with what you have. If you are paying $1245 per month for rent, you can certainly afford a home! Good Luck!

Tue May 6 2008, 11:46