03-18-2003, 10:00 PM
If you have good credit, but a low downpayment, you can look into FHA loans. That's how I bought my house 3 years ago. It was comparable interest, but much much lower fees. Plus, a lot of times they'll add the fees into the mortgage for you so that you don't have to bring a fortune to closing. One drawback is that you have to carry private mortgage insurance, which is also added into your monthly payment (along with taxes and hazard insurance), but that's only until you have, I think, 30% equity in your house. Also, any repairs that the FHA appraiser deems necessary HAVE to be completed prior to closing. I had to get a roof put on my house before they'd let me close.
All told, I would much much rather own than rent. Even though it involved scrimping and saving and cutting back to be able to do it, I'd never change it.
Keep in mind, you'd also have to get a home inspection and termite inspection, but that's not big bucks.
All told, I would much much rather own than rent. Even though it involved scrimping and saving and cutting back to be able to do it, I'd never change it.
Keep in mind, you'd also have to get a home inspection and termite inspection, but that's not big bucks.