Home Buying – News Flash​

RENTING VS BUYING

By Terri Copeland, 4/5/2012 12:49 am

The answer to the question is which is cheaper?  We are definitely in a buyers market.  This means that there is so much inventory to choose from, the prices are reduced.  

The other dynamic in the market is the anticipated bulk sales of foreclosed properties by Fannie Mae and Freddie Mac as a part of a pilot program in 6-8 major cities.  It is believed, a large percentage of these properties are already occupied, but for those that are empty, the investors will rent for what the market is able to bear.

The rental market has more competitors including those that have been foreclosed and may not be able to buy for the next 3-5 years.  That is if they decide to make a plan to get back on track to buy.  

The Georgia Dream program has rates as low as 3.5%.  Keep in mind the interest rate you will pay will depend on your credit worthiness.  It is important to meet with a lender an organization that has a home buyer program and/or budget credit counseling program so that you can determine your credit score and see how you can increase it to ensure the best rate.

Most cities and the state have down payment assistance programs that can be combined with a low interest loan that will yield a low monthly payment.  I have seen a monthly mortgage payment as low as $500 a month at closing for a borrower that qualified for several down payment programs in Atlanta to reduce her principal at closing.

Investigate your options when you determine the market area you want to live in!  

HAPPY HUNTING!!