Buy Now Or Wait?
I live in Phoenix, Arizona.
Have had ,major problems with my credit in the past.
My score is still low but i did get qualified for a loan.
Only problem is my interest rates are really high.
Not sure what to do. I am currently working on repairing my credit and trying to get my score up. But my main concern is waiting till my score gets better and at the same time prices of homes going up. It seems prices of homes aint going up anytime soon right?
Any help for this poor desperate soul would be greatly appreciated.
Should i buy now?
Should i wait?
First of all, thanks for your help!
My plan is like this.
Me and my girlfriend are both trying to buy a house.
Together we got qualified in arizona. She is trying to get qualified in california as well.
One of the lenders she is going through said she does qualify using my income.
My girlfriend explained to her how we are trying to get a home in arizona as well.
The lender told her to find out who we would be borrowing from and not to finalyse the loan until we do it at the same time. In other words we will be applying for the loan here in arizona and in california at the same time. This way when they do our credit check in california our loan in arizona wont show up.
The lender said as long as we do it at the same time and go through diferent lenders we should qualify for both.
What do you think. I already have a family member in california who is willing to move in to the property we buy there. The rent wont cover the mortgage because of our high interest rates but we can afford the remaining balance.
I think your getting yourself into a sticky situation...
One being that your buying a house with your "girlfriend". Now dont get me wrong im sure she is a great girl but things happen.
Second your buying a house to rent out but the rent doesnt cover the mortgage.. no good.
I say build up your credit and your financial knowledge before going any further.
good luck.
Well I say girlfriend, even though by law we are legally married.
Son 8 years old and been together for 10.
As for the one property in California. I figured we could carry the excess mortgage that the rent won’t cover for a year while we work on our credit then refinance.
The family member is my mother, who happens to be on section 8
Lets say we buy the one house in arizona, then within 6 months improve our credit some and save up $20,000
What would be the requirements as far as us qualifying to buy a second home?
As in moving out of the first one and renting it out.
Pcazar, I don’t know the particulars about your CA house deal, but I suspect the reason the rent doesn’t cover the mortgage is not only your credit score but the price of the house. What’s your exit strategy there?
Thanks for all your responses.
Ive decided not to go this route. Seems its to risky.
My credit score has improved and will be buying my first home very soon. As for my plans to buy a second investor home. I will wait a few more months until i have the down payment and hopefully a better score.