Yep, that was the essence of a recent email exchange! See below.
Frank, My husband and I are interested in this house. We are currently living with my parents until we can get on our feet. We just moved from Prince William county to Fairfax county/Loudoun county line. I saw this house and was very interested in it. Now I will tell you we (my husband and
I) do not have great credit and do not have very much to put down, like I said we are just getting back on our feet. My husband had a heart attack last year. I was wondering what kind of first time home buyer option we might have, considering our credit isn't very good? please e-mail me at [removed] Thanks Linda
Hey Linda, What about renting till you can save more? Buying with no money down
is possible but the fees are outrageous (yes sometimes they get rolled into the loan, but they are real fees).
Watch my video on the myths of buying. It is much much cheaper to rent. And no it isn't throwing money out the window.
It was my first video on youtube.franklyrealty.com
Thank you for your time. We are not going to rent, because we will not be saving money that way, rent around us is way to high. Thats why we moved in with my parents because our rent increased over 1000.00 for a 2 bed room apartment. I have 2 small child who are looking forward to have their own house and their own yard. Thank you for your time and thoughts. We will find someone else who can help us.
Final Frank Reply:
Buying in this area is almost never cheaper, when comparing 2 identical places, sorry.
Even after tax breaks renting is 20 to 30 percent cheaper.
The thought that somebody is buying because they can't afford to rent blows my mind. You will find out sooner or later.
And anybody that tells you otherwise is trying to trick you put of money. Best of luck.
Wow, isn't that amazing. Bad credit, no money... so the solution... buy a house! It is the level of entitlement that some people feel in regards to home ownership. It is a a shame. And sure enough, some shady agent will help them find a 'dream home"and they will be foreclosed on in 9 months.
Written by Frank