Advice For First Time Buyer, Loans, FHA and Condos

[looking]

[quote=Looking2buysoon]Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.[/quote]
Somehow it seems that the moment you are expecting, the amount of stuff quadruples. In all seriousness though, there is a lot of stuff associated with kids even when they are infants.

I think in the situation you described I would think it is a better call to rent. If you only have 10k for a downpayment, how much do you have for emergencies?

[thebazman]

Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.

[thebazman]

Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.

[thebazman]

Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.

[thebazman]

Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.

[thebazman]

Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.

[Looking2buysoon]

[quote=thebazman]Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.[/quote]

No, thats not an option for us. Whatever we do will be on our own.

[Looking2buysoon]

[quote=thebazman]Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.[/quote]

No, thats not an option for us. Whatever we do will be on our own.

[Looking2buysoon]

[quote=thebazman]Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.[/quote]

No, thats not an option for us. Whatever we do will be on our own.

[Looking2buysoon]

[quote=thebazman]Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.[/quote]

No, thats not an option for us. Whatever we do will be on our own.

[Looking2buysoon]

[quote=thebazman]Can you get a loan from family for the down payment? They could work it like an investment and if you ever sell they could take part of the profit.[/quote]

No, thats not an option for us. Whatever we do will be on our own.

[joec]

Not sure your age, how long you’ve worked, longer term career plans, etc, but I’d get rid of any on going credit card debt first to have 1 less thing to worry about.

At this point, you have about 4k liquid. Not sure what you have in retirement, but I’m a big fan of the cheapest rental you can afford and save save save. This maybe harder if you care where you live (I never did when I rented since it’s a rental as long as it’s close to work.).

Housing prices probably aren’t going to move up much anytime soon and interest rates “should” remain low for a while (at least according to the fed).

Based on all that, I’d just work to improve my credit (read the fico forums) and save for a larger down payment.

[joec]

Not sure your age, how long you’ve worked, longer term career plans, etc, but I’d get rid of any on going credit card debt first to have 1 less thing to worry about.

At this point, you have about 4k liquid. Not sure what you have in retirement, but I’m a big fan of the cheapest rental you can afford and save save save. This maybe harder if you care where you live (I never did when I rented since it’s a rental as long as it’s close to work.).

Housing prices probably aren’t going to move up much anytime soon and interest rates “should” remain low for a while (at least according to the fed).

Based on all that, I’d just work to improve my credit (read the fico forums) and save for a larger down payment.

[joec]

Not sure your age, how long you’ve worked, longer term career plans, etc, but I’d get rid of any on going credit card debt first to have 1 less thing to worry about.

At this point, you have about 4k liquid. Not sure what you have in retirement, but I’m a big fan of the cheapest rental you can afford and save save save. This maybe harder if you care where you live (I never did when I rented since it’s a rental as long as it’s close to work.).

Housing prices probably aren’t going to move up much anytime soon and interest rates “should” remain low for a while (at least according to the fed).

Based on all that, I’d just work to improve my credit (read the fico forums) and save for a larger down payment.

[joec]

Not sure your age, how long you’ve worked, longer term career plans, etc, but I’d get rid of any on going credit card debt first to have 1 less thing to worry about.

At this point, you have about 4k liquid. Not sure what you have in retirement, but I’m a big fan of the cheapest rental you can afford and save save save. This maybe harder if you care where you live (I never did when I rented since it’s a rental as long as it’s close to work.).

Housing prices probably aren’t going to move up much anytime soon and interest rates “should” remain low for a while (at least according to the fed).

Based on all that, I’d just work to improve my credit (read the fico forums) and save for a larger down payment.

[Author]

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