PURCHASING VS RENTING 

In most cases your payment will be significantly lower owning a home as opposed to renting.  This is for two reasons:

1. Tax rates on rental homes are almost three times more than owner occupied homes.

2. Landlords tend to charge more than their total payment to gain income.

FOR EXAMPLE:  

Using a 4 BR 2.5 Bath with a value of $235,000 

Est Mortgage Payment including taxes & insurance $1350/mo

The same home rents for $1800/mo.

That's a difference of $450/mo!

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Worried you don't have the downpayment?

There are many mortgage programs today that offer minimum down payments anywhere from 0%, 3%, or 3.5% down.  AND your down payment can be a gift from a family member.

Here is what you need to qualify:

1. Two most recent pay stubs OR if self-employed two years most recent tax returns (all federal schedules)

2. Two years employment history (college/schooling counts as part of this history)

3. A credit score of at least 580

4. Two most recent month's bank statements to verify funds for closing

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