
PURCHASING VS RENTING
In most cases, owning a home can cost you less each month than renting. Here’s why:
1. Lower Property Taxes – Homes you live in are usually taxed much less than rental properties.
2. Landlords Charge Extra – Most landlords charge more than their mortgage so they can make a profit.
FOR EXAMPLE:
A 4-bedroom, 2-bath home valued at $235,000 might have a monthly mortgage (including taxes and insurance) of about $1,350.
That same home could rent for around $1,800 — a difference of $450 every month!
Worried about the down payment?
Many loan programs today offer low down payment options—as little as 0%, 3%,
or 3.5% down.
Even better, your down payment can come as a gift from a family member!
Here’s what you’ll need to qualify:
1. Income Documentation – Two recent pay stubs, or if you're self-employed, your two most recent years of tax returns (including all federal schedules)
2. Employment History – Two years of employment history (schooling or college can count toward this).
3. Credit Score – A minimum credit score of 580.
4. Bank Statements – Your two most recent bank statements to verify funds available for closing.