Waiting to Buy a House Is Clearly Not The Right Financial Choice.
Whether you buy with conventional loan or hard money (and refinancing down the road), becoming a home buyer now is still a great option, as clearly depicted in this Pacific Union blog. The statistics tell the tale.
This paragraph alone, from the Pacific Union Bay Area Real Estate Blog, clearly explains why you don't want to continue to wait to buy. You are throwing away your money renting.
"Renters who are considering purchasing a home should note that mortgage rates remain near historic lows, averaging 3.85 percent for a 30-year, fixed-rate loan for the week ended May 14. But the low rates may not linger much longer, according to Freddie Mac’s May 2015 U.S. and Housing Market & Economic Outlook, which projects them to rise to 4 percent by the end of the year and 4.9 percent by 2016." Buying a Home in the Bay Area Is Still Cheaper Than Renting - May 20, 2015- by Pacific Union
If you think you could qualify to buy a home OR if you don't think you qualify to buy a home - contact a local, experienced Lender and FIND OUT FOR SURE. It's worth it.
You could be surprised by how close you are to qualifying conventionally. Therefore take advantage of hard money loan to grab you that house you have been looking for and then refinance down the line when you become qualified. Or heck, you could qualify now to get a regular loan and stop renting! Or, do you want to keep giving money to your landlord which doesn't increase your financial status at all?
It's your choice. But I think I know which choice I would chose.
Best, Ken
Sun Pacific Mortgage & Real Estate
Hard Money Lenders Serving all of CA Since 1988!
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