Home prices are really low right now here in Arizona. There were a lot and still are a lot of foreclosures here (highest in the nation). My apt lease is ending at the end of this month and I have been working with a mortgage company’s home buyer’s program & they are helping clear a couple things off my credit before they can get me approved. They told me it should only take them about 4 months. I could stay with my mom temporarily and save even more money towards the down payment but I’m afraid this could take longer than 4 months.
Then again, if I rent another apt then it will be hard to save more money. Not quite sure what to do? I know owning a home is a lot of responsibility, but I feel I am ready. Sick of paying rent and earning no equity. I make about 63,000/yr and plan on putting down $ 6000 (FHA loan). How much would I qualify for? I dont have a lot of debt, just a car and a student loan. Should I rent or buy?
I am working with DR Horton’s DHI Mortgage company
Thx, guys! I plan on moving to the Peoria, AZ area.