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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.

2 Thoughts on Should I buy a home right now in Arizona?
  1. Reply
    May 18, 2011 at 12:57 am

    If you’re planning to stay in the area for at least 4-5 years, buying would probably make sense.

  2. Reply
    May 18, 2011 at 1:19 am

    One of the very first things a mortgage company should do is help you figure out how much you will be able to qualify for- so why don’t you ask them? There are crumby mortgage companies out there that take money from you and never help- where did you find these people?

    Make sure you are working with a very qualified- local loan officer.

    As far as buying a house- it is always important that you plan on remaining in the house for at least 5 years. That gives you plenty of time. Also there are parts of Arizona that are not near as good to buy in as others- even within a sq mile area there are bad areas and good areas.

    Look for high rated schools, nice parks, crime rate, neighbors that take good care of their homes, close to good transportation, and lots more. A good local Realtor can help you- buy in as great of an area as you can afford.

    If you can live with your Mom until you buy and save a lot of money that would be great. You will have unexpected expenses once you buy your home and will need money to take care of those.

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