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Viewing 15 posts - 1 through 15 (of 111 total)
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  • November 16, 2010 at 1:23 PM #18189
    Looking2buysoon
    Participant

    Hi, maybe you can offer some advice or share some thoughts..

    I was just married In April and now my wife and I are looking to buy our first place. We are looking at Condos/Townhomes around 250K in Rancho Penasquitos and Kearny Mesa.

    We only have around 10k down and unsure if we qualify for an FHA loan.

    Our credit score is low at around 650 and this is because we don’t have much credit. Both cars are paid off and together we have one credit card that we owe around 6k on.

    Should we apply for a loan now to see where we stand? Should we pay off our credit card first? What do you think are chances are of being approved for something we can afford?

    We currently blow 1,800 a month in rent and it seems we are now at the point where owning makes more sense. Thanks

    November 16, 2010 at 1:59 PM #631264
    abell
    Participant

    Buy some place that you would like to live in for a long time, as I think most economic forecasts do not have housing prices rising soon.

    You say you just got married, I don’t know if that means potential children are in your future, but if there is any possibility of future children, buy a place you’d want to raise them and that is large enough for you to raise them.

    If you can’t afford a place that meets the above criteria, rent until you can.

    November 16, 2010 at 1:59 PM #631341
    abell
    Participant

    Buy some place that you would like to live in for a long time, as I think most economic forecasts do not have housing prices rising soon.

    You say you just got married, I don’t know if that means potential children are in your future, but if there is any possibility of future children, buy a place you’d want to raise them and that is large enough for you to raise them.

    If you can’t afford a place that meets the above criteria, rent until you can.

    November 16, 2010 at 1:59 PM #631914
    abell
    Participant

    Buy some place that you would like to live in for a long time, as I think most economic forecasts do not have housing prices rising soon.

    You say you just got married, I don’t know if that means potential children are in your future, but if there is any possibility of future children, buy a place you’d want to raise them and that is large enough for you to raise them.

    If you can’t afford a place that meets the above criteria, rent until you can.

    November 16, 2010 at 1:59 PM #632043
    abell
    Participant

    Buy some place that you would like to live in for a long time, as I think most economic forecasts do not have housing prices rising soon.

    You say you just got married, I don’t know if that means potential children are in your future, but if there is any possibility of future children, buy a place you’d want to raise them and that is large enough for you to raise them.

    If you can’t afford a place that meets the above criteria, rent until you can.

    November 16, 2010 at 1:59 PM #632360
    abell
    Participant

    Buy some place that you would like to live in for a long time, as I think most economic forecasts do not have housing prices rising soon.

    You say you just got married, I don’t know if that means potential children are in your future, but if there is any possibility of future children, buy a place you’d want to raise them and that is large enough for you to raise them.

    If you can’t afford a place that meets the above criteria, rent until you can.

    November 16, 2010 at 2:08 PM #631269
    Looking2buysoon
    Participant

    Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.

    November 16, 2010 at 2:08 PM #631346
    Looking2buysoon
    Participant

    Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.

    November 16, 2010 at 2:08 PM #631919
    Looking2buysoon
    Participant

    Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.

    November 16, 2010 at 2:08 PM #632048
    Looking2buysoon
    Participant

    Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.

    November 16, 2010 at 2:08 PM #632365
    Looking2buysoon
    Participant

    Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.

    November 16, 2010 at 2:12 PM #631279
    briansd1
    Guest

    [quote=Looking2buysoon] Maybe we can stay in it for around 5 years until we out grow it and can upgrade. [/quote]

    That time period seems like pretty common for people looking to buy.

    5 years go by fast and it’s hard to predict if house prices will appreciate enough to amortize the transaction costs.

    November 16, 2010 at 2:12 PM #631356
    briansd1
    Guest

    [quote=Looking2buysoon] Maybe we can stay in it for around 5 years until we out grow it and can upgrade. [/quote]

    That time period seems like pretty common for people looking to buy.

    5 years go by fast and it’s hard to predict if house prices will appreciate enough to amortize the transaction costs.

    November 16, 2010 at 2:12 PM #631929
    briansd1
    Guest

    [quote=Looking2buysoon] Maybe we can stay in it for around 5 years until we out grow it and can upgrade. [/quote]

    That time period seems like pretty common for people looking to buy.

    5 years go by fast and it’s hard to predict if house prices will appreciate enough to amortize the transaction costs.

    November 16, 2010 at 2:12 PM #632058
    briansd1
    Guest

    [quote=Looking2buysoon] Maybe we can stay in it for around 5 years until we out grow it and can upgrade. [/quote]

    That time period seems like pretty common for people looking to buy.

    5 years go by fast and it’s hard to predict if house prices will appreciate enough to amortize the transaction costs.

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