Do you Pay Rent? Buying Versus Renting
One thing I have come to realize looking back, single young woman in 2006 was the beauty of saying it’s all mine. So one morning I asked myself why pay someone else’s mortgage when I can pay my own mortgage and considered buying versus renting a home. Most people do not realize it’s the same exert process, paying for someone’s equity or building one for yourself. If you can afford to pay rent, you can own a home. Not just owning the home, it saves you a lot of money on the taxes you have been giving the Landlord for years. Don’t let anyone tell you cannot do it, I beg to disagree. Call or text me, I will help get you prepared for home ownership. Do you need a lot of money to buy a home? No. FHA only requires a 3.5% down payment where in many cases renters need to come up with security deposit, first month’s rent and last month’s rent to move into a rental and this can be equivalent to a down payment on a home purchase.
I Have Considered Buying Versus Renting But I Have Bad Credit
Most people will use the credit excuse as a reason why they cannot buy. Having bad credit is like having a bad hangover. Even if you do nothing to improve your credit, your credit scores will naturally go up as the derogatory credit items ages and as it ages, the bad derogatory credit items will have little or no impact on your credit scores. After 7 years from the date of last activity, derogatory credit items will fall off from your credit report. Bankruptcies will remain on your credit report for 10 years. However, there are simple tricks of expediting boosting your credit scores. Credit scores will instantly be boosted by paying down debt and for those with no trade lines, open up some. Paying down maxed out credit cards can easily boost your credit scores by 50 plus FICO points. If you have no active credit tradelines, just opening up one secured credit card will easily boost your credit scores by 20 or more poings. However, don’t get carried away and incur more debt before you buy the home, as that is some of the reasons people end up in foreclosure.
No Money For Down Payment And Closing Costs
FHA financing which is the most popular out there amongst first time buyers and home buyers with prior bad credit and higher debt to income ratios, requires just a 3.5% down payment. Start saving on time, skip some night outs, some shopping trip and put that money away. With a great experienced real estate agent by your side, you can always get the seller to pay closing cost through a sellers concession. FHA allows gift funds to be used for down payment on a home purchase. Mom, dad, grandma, grandpa can gift you 100% of the down payment. If by chance you live in a rural community, or one you will love to move to, (not country; country lol) find out from an agent what constitutes a rural community and it will surprise you. USDA Loans are zero $$$$ down, same goes for VA. Don’t let anything stop you, and don’t be your own enemy.
A Little About Bennie Chukwurah
Bennie Chukwurah is a veteran licensed realtor in the state of Texas and a licensed mortgage loan originator. Bennie Chukwurah believes a knowledgeable realtor in all aspects of real estate is a must to best represent home buyers and home sellers. Since financing plays a major role in representing home buyers and home sellers, Bennie Chukwurah decided to go to mortgage loan officer school to get her mortgage loan origination certification so she can sit for the federal mortgage NMLS examination. Despite her busy schedule, Bennie Chukwurah was determined to study and pass the difficult federal NMLS mortgage exam and passed it on her first try. Bennie Chukwurah was hired by The Money Store, a full service mortgage banker known for its no mortgage lender overlays, and is not just a mortgage loan originator but also a team leader and training director due to her positive attitude and her leadership abilities. Bennie Chukwurah is a natural leader, not just in real estate and mortgages, but in general. Colleagues and business associates of Bennie Chukwurah naturally gravitate towards her. All of Bennie Chukwurah’s clients become her lifelong friend.
Bennie Chukwurah NMLS 1412937
Home Ownership And Mortgage Expert
Century 21 Olympian
3424 FM 1092, Suite 250
Missouri City. TX 77459