Need Some Advise....
If you are reading my post, thank you for taking the time to do so.
I live in the Orlando area and I am thinking on buying a new home that is selling at a good price. The developement is in blueprint phase.
The price that I got is 165k and this house is expected to sell at 180k or more by june next year. It is a 4/2 house.
I am working with the developer's lending company on securing a mortage. My credit score is in the low 700's but my debt to income ratio is close to 50%.
I'm thinking on either buying the home and live on it for a year or so and then sell it, or selling it or renting it as soon as it is completed.
I would like some advice on what would be the best strategy as well as what kind of loan would be better for me.
Thank you in advance for your attention.
That answer is it all depends on what your goals are. Are you renting a home now or do you own?
Would this be a step up from the place you are living in now?
Why would you move into it for a year? You need to live there two years to get any real benefit of living there. Moving in there for a little bit will give you a bit of cost saving on your loan possibly as in will be OO instead of NOO but that is about it.
You just need to review your written down goals and see what works best in this situation to get you there.