I live in Ft. Worth, Texas and have been working on my credit for a couple of years now. I've gotten my credit into the high 600's (665 but fluctuates up to 670) and my wife is almost 700 (690) We've been saving as well as paying off our debt and have about 8k saved. We rent right now for $1700 a month and have been working towards the magical 20% down to avoid PMI but we keep asking ourselves "Are we not losing more money by continuing to pay rent every month?"

I've been looking into First Time Buyers programs and see that through TDHCA they offer the "My First Texas Home Program" that has 30 year fixed rates, Down payment assistance and closing cost assistance up to 5%. I've looked and we meet all the criteria including the income limits but we might (within the next couple of years) make too much money to qualify.

What is the better option, continue to save for another few years for the standard 20% down, or jump on one of these first time buyer programs and get some assistance now, but have to pay mortgage insurance throughout the loan?

I'm a complete newbie and know very little about buying a house, so any assistance or advice is greatly appreciated.

submitted by /u/Akubura
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