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If You Can Afford To Rent You Can Probably Afford To Own

April 17, 2014 by inVIVO realty Arizona

With good rental inventory still low, the cost of North Phoenix rental homes and Scottsdale rental homes is now greater than the cost to own. I consistently hear people say that they could not buy because of their less than perfect credit or because they did have 20% down. Here is the truth:

If you have a job, you’re off to a great start. If you can afford the rent you pay now, you can probably afford to purchase a home of similar size, etc. If you are self-employed, it is still possible but you must be able to document steady income.

As far as your down payment goes, you rarely need 20% down. There are many programs available that require only 5% down, 3.5% down (such as an FHA loan) or even zero down in some cases; Veterans, if we can qualify you for a VA loan, it is ZERO down.

Yes, you must have cash for closing costs, but offers can be written so that the seller pays your closing costs. With some programs, down payments and closing costs can be gifted from a family member or come in the form of a grant.

If you pay your bills on time and have avoided major credit issues such as bankruptcy, a short sale or a foreclosure, you can probably qualify right now. If you have had a bankruptcy, a short sale or a foreclosure, depending on timing, there are still options.

The main thing is don’t let “things you hear” or other common misconceptions stop you from finding out the truth. Call me at (480) 788-6473 and let’s just talk about your situation. If we feel there is a good chance you can qualify, we can align you with one of our recommended lenders who can take the next steps to evaluate your situation. At a minimum, if you don’t qualify now, you will have a better understanding of where you are and set a goal for when you can buy.

Trust me, we get people into homes all the time who did not think they could buy and it all happened because they started a conversation with us. Why pay more to rent a North Phoenix or Scottsdale home when you can have a mortgage for less than a lease payment.

Filed Under: General North Phoenix Real Estate Blog Posts, Phoenix Arizona Rental Property, Phoenix Homes for Rent, Phoenix Homes for Sale, Scottsdale Arizona Homes for Sale, Scottsdale Homes for Rent, Scottsdale Rental Homes Tagged With: phoenix homes for rent, phoenix rental home, scottsdale homes for rent, scottsdale rental home

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16211 N Scottsdale Rd, Ste A6A-289
Scottsdale, AZ 85254

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