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Reply to "need to buy a home to save money but can't"
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[quote=Anonymous][quote=Anonymous]OP, I was in your situation several years ago and was able get a mortgage through FHA. We ended up buying an older home for about $300K with 3.5% down. Yes, we do have to pay PMI, but our interest rate is low and our mortgage doesn't increase every year as our rent did. Your credit score is above the FHA minimum of 580, though most lenders will want to see it a bit higher - I believe Wells Fargo requires 600. I agree you will need money for repairs so choose the place carefully, get a home inspection, and continue saving aggressively. In our case, DH is handy so we've saved a lot on labor, but we still had some major expenses such as replacing the furnace, and we'll need a new roof in a year or two.[/quote] OP here....I appreciate this. I do think there's a way to make this happen and not have a dismal outcome.[/quote]
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