12684171, The two reasons you listed account for prolly 80% of it.
Posted by deejboram, Wed Dec-24-14 04:11 PM
1.
>Bad credit? Sure?
2.
>Don't have enough income to qualify for a loan? Sure.
The above two account for a huge portion of why nots.
Add in lack of a downpayment and the portion gets bigger.
>There are a lot of us who do have good credit. Who are dope
>at managing money. Who can qualify for loans even though they
>aren't making 6 figures.
If you have them two things, chances are, you don't want to live in an area that has yet to be gentrified. Maybe AFTER it has been through that process but not before.
>And let's also, be 100, In a lot of cases, if you have the
>money to rent, you have the money to own, since you are more
>than likely covering the mortgage of the place you are
>renting.
Buying a home is more than just the mortgage payment.
It is all the lil stuff like upkeep and other snafus that you need to worry about.
I'd say add 20% to your monthly mortgage+insurance note to be fully cushioned for homeowner "snafus"
your mortgage $1,900?
add $380 per month for "emergency" stuff
this is if you have an older house
brand new house you can reduce it to say 10% or $190 per month
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