Frequently Asked Questions:
Should I Buy or Rent a House?
Answer: Buying a house is an investment. If you choose to rent, your monthly payment goes to the owner/landlord, and that money is gone from your pocket forever. However, when you buy a home, you have the opportunity to deduct the cost of your mortgage loan interest from your federal income taxes, and possibly even from your state taxes, if applicable. This will end up saving you money every year since the interest you have to pay will make up most of your monthly payment over the years of your mortgage. As a homeowner, you are also able to deduct whatever property taxes you may be required to pay. Additionally, the value of your home will most likely increase in the coming years. In today’s market, interest rates are at an all-time low, and there is a good chance that your monthly mortgage payment will be less than the rent of a comparable house. Plus, you get the satisfaction and freedom of owning something that is all yours, where you can personalize and style it to your liking.
Can I Still Buy a House with Bad Credit and No Down Payment?
Answer: There are options out there for you. The federal government offers a couple different mortgage programs that you may be eligible for. First, you will want to contact Richard at Karr Professional Group. With his 30+ years of experience, he knows the ends and outs of applying for a mortgage, so he has a unique perspective, and many valuable contacts with lenders that can assist you. You may also want to contact your local government to see if there are any local home-buying programs that may be suitable for you.
Is there Special Assistance for Single Parents Buying a Home?
Answer: Yes, there are special grants and programs out there for single parents that will assist you in buying a home, if you are eligible. We recommend that you try to get pre-qualified for a home loan so that once you find your ideal house in your price range, you will not be disappointed with not being able to follow through, since you already know you can complete the purchase. Give us a call here at Karr Professional Group and we can assist you in the process, as there may be some local home buying programs that can help you. You can also contact a HUD-funded housing counseling agency to see what other options you might have.