Profile picture for user19287952

Buy or rent

I am sure everyone hears this all the time but I am thinking about buying. My husband has student loans and we just got out of a chapter 15 bankruptcy. I only work part time and we don't have a lot of money to put down on a house. Our credit is building its not perfect yet. I have no clue if we are even ready to start this process or if we need to wait and Rent.

The house I am in now is owned by my father in law and its manufactured. He tried to sell it once for over $130k.  Its a small lot 3 bedroom 2 bath no fence with unattached garage.

I am not wanting to move my kids out of town to different school.  If I can't buy I will have to Rent.
  • August 14 2013 - Kuna
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Answers (7)

Profile picture for JonathanHayes
Many mortgage brokers have folks in-house that do credit repair.
Get in contact with a Realtor in your area that does a lot of sales in the area you're considering. Tell them you want to get in contact with a mortgage broker that will pull your credit and go over it with you one on one.
If you can not buy at the moment do everything you can to get there asap.
  • August 14 2013
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Jonathan offers good advice about getting your credit on track. Generally speaking you need to wait about two years after your bankruptcy in order to be able to get a loan to purchase. If your Father in Law is willing to carry the note then maybe you could work out terms to buy it directly from him.
  • August 14 2013
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Profile picture for wetdawgs
Here's a link to Zillow's buyer's road map.   It may give you some clues of whether or not you are ready to buy.    From your description, you are not ready to buy.



  • August 14 2013
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Renting for a few years will give you time to fix your credit, find a lender to work with you through the process and give you time to build up some money for a down payment. Remember you are not the only person to go through this. There are agencies in your area that can help, so do some research and find them.
  • August 15 2013
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Without getting into too much detail about individuals financial situations... Buying is by far a much more sound investment opposed to renting. If you have good credit and can qualify for a loan, then buying is the smartest choice. Renting is good option if you are just starting out. It builds financial responsibility. Renting ultimately costs more over the long run because there is no return on investment (ROI). Once your able to obtain a loan then you can begin investing in your home/families future. Some great suggestions have been added by other posters in the forum. Talk with a real estate professional and get involved with a Lender. They can/will help you resolve any issues and provide a plan to get you where you want to be. Once you've spoke to both and have a good idea of what you can or need to do in preparation, begin setting aside a little cash for when the right time comes. Work with an agent and get them to put you on there housing email list. I have clients in your same situation who want to buy. My lender and I simply got them on track and have a game plan for them. In the meantime, I continue to send them housing options in their areas of interest. They get to know the market and the trends in the area. It makes you a smarter buyer come time to purchase. Get a referral for an agent from a friend as well as a lender and start inquiring about what's best for you.

Good Luck!
  • August 18 2013
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Profile picture for Rebecca Marvel
Please be VERY WARY about credit repair.
  • August 18 2013
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I would avoid credit repair companies, and instead find a really good lender that is willing to work with you.   Doing this saves you the fees, but it also aligns your interest.  The lender is basically working for you for free with the intent of you buying a house down the road.  Of course you can not expect them to do everything for you.  A good one will take a look at your situation and give you a road map and you will have to do the work.  Credit repair companies often charge all fees up front.

As an agent I am a big fan of home ownership with 1 exception.  If you think you will be moving in the next year or two it may not be the best idea.  But other than that in my area you can get as much if not more house for the same amount you would be paying in rent.

Hope this helps!
  • May 09
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