Own vs. Rent?

sweet tea · October 2006

how does a person find out about programs like that?

whyfi · October 2006

I'm not in the business anymore, so I don't have any financial stake, but I'd be happy to go over some things with interested parties... Not everyone qualifies and you need a little bit of luck, but it's done often enough.

stacey · October 2006

sweet tea wrote: how does a person find out about programs like that?

I found out about it on the HPD (or HUD) website and the Fannie Mae website. The one good thing about these programs is that someone can "gift" you the money for the down payment.

My next door neighbor purchased his home with a loan similar to mine but since his home need a gut reno he was able to qualify for a Fannie Mae loan for his mortgage and home improvements in which he had one year to renovate and then his mortgage payments started.

There are also coops that you can buy into that go by how much you make. My husband's cousin just bought one in Clinton Hill on Lafayette and she paid about $8000 for a two bedroom apartment and it includes gas and electricity!!! I think when and if she would leave she would only be able to sell the apartment for what she paid for it.

sweet tea · October 2006

thanks, you two. i'm not in the market yet, but i hope to be in the not too distant future. good to know about options just in case i don't win the lotto. (i don't play, but i figure my chances are pretty close whether i enter or not.)

bicicleta · October 2006

For some help in finding programs as described just above:

http://www.prattarea.org

they have some good 1st-time-home-buyers seminars.

doctorj · October 2006

Medusa wrote:
That's if the developers are able to unload those condos as the bubble bursts. They may just end up as rentals.

I'd been expecting this process to begin right about now, since rents are rising faster than sales and there seemed to be new condos sitting on the market for ages this year, just as yet more buildings were due to open. But having just browsed the August-September closings, it looks like there's been a real uptick in sales lately, at solid prices (650-700/sqft close to GAP or Flatbush, 600-650/sqft elsewhere in PH, 550-600/sqft on the CH side of Washington). We have plenty of new homeowner neighbors. Singles, couples, very mixed bunch if names mean anything.

So who knows?

Own vs. Rent?

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