Quote:
Originally Posted by Disneyphile
So, Ken and I have started to toy with the idea of buying a house again. There are some really awesome houses in our town going for $300K and even less. Most are 3-bedroom, around 1,100 sq. feet, but sit on large lots of 8,000 sq. feet, giving us a lot of add-on options later down the road. 
So, we've put through some inquiries with a few lenders to see if we can pre-qualify. And, with our criteria, we've already been told we qualify for a 30-year fixed FHA program, with our total monthly payments being close to what we already pay in rent.
The catch is coming up with the required 3.5% down payment (which is even allowed to be a gift), so we're exploring some options on that now, which might actually let this come to fruition in the coming months.
If there's one good thing about this recession, it's the availability of cheap/affordable housing.
In the meantime, our landlords have given us permission to paint, so I'm going to add some color to our home over the next few weeks. I've been needing a change of scenery (mostly from over-working), and a bit of color will really help with that. I'm thinking of going deep burgundy or grayish-blue for the office. Some folks argue that it's a waste to put money into a rental, but for me, it's a $30 bucket of colorful happiness.  |
That's great! Did you find out if Garden Grove has programs to help with the down payment? I don't show Garden Grove on that list I found a couple years ago, but that may have changed. However, is FP's employer technically within Anaheim? Because they give assistance to residents or people who work within Anaheim (for purchase in Anaheim, of course). Here are the numbers I had for there:
Anaheim Home Program (HOME)
$35,000 (714) 765-4340
Anaheim Second Mortgage Assistance Program (SMAP)
$25,000 (714) 765-4340
Now, this was before the crash really took hold, so those programs may have changed, but it's a place to start.
Fall and winter are good times to look too, because people get all into the holidays and a large enough number of them decide to hold off till the next spring (peak market) to give the buyer a little extra edge. Although this summer is pretty good too, because of the condition of the market.
Paint is cheap, happiness is priceless. Totally worth the effort, even on a rental