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Jan 18, 2012

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Mortgage

Buying a home could be cheaper than renting

I completely agree. I was paying $1320 per month for a 975 square foot - 2 bedroom apartment last year. I found an Amazing 3 bedroom 1800 square foot home which was perfect. My lease was coming due so I spoke to a friend of mine who's a loan officer for American Fidelity. The only caveat in my situation was my credit score. I butchered my score into the low 500's and my loan officer needed a 620 middle score to get me an FHA loan with 3.5% down. She sent me to http://www.CreditF irm.net where I was able to get my score to 640 within 4 months. I got approved for a mortgage, we closed on the house and I'm paying less on my mortgage now then I was for rent! I just hope the market stabilizes and home prices begin to increase.  (Jan 18, 2012 | post #16)