Pin It

How should I react when everyone keeps insisting I should be buying a house and not renting even though I cannot afford to buy?

by Connor T. MacIvor on April 29, 2012

A recent question from a reader of this Santa Clarita real estate blog.  I tell you Thomas, never let anyone influence any decision, that you make, which will take you 30 years to pay off.

Homeowner ship is a GREAT thing.  In fact, when you are ready to purchase a home, it will be one of the most advantageous things you can do for your Snata Clarita real estate lenderspersonal finances.

But, when you cannot afford or qualify for a mortgage, it would be the wrong thing to do.

Cross the T’s and dot your i’s.  Get good advice when it comes to anything that is real estate.  Ask your real estate agent of choice, to have you speak with a lender that will examine your credit report and find the issues associated with you not being able to finance a mortgage.

The “Fixes” may be simple.  However, you will not know what the fixes will entail, until you get advice from one of the experts that understand to whom the bank will lend.

We hear on the street that the banks will loan to people with a 580 fico score.  Which, by their ad’s, is the minimum fico score necessary to finance a home, condo or a town-home.  But that number is totally unrealistic.  We are not seeing any of the “lenders or money suppliers” loaning money to those that are in that FICO category.

Check with your real estate agent, meet with them to develop a crash course on Real Estate and to get together a game plan.

Give us a call if you are not working with anyone and we will be glad to advise you.  Be Safe and thanks for reading.

Google+

Previous post:

Next post: