As of last week, 30yr. rates were at 6-1/8% around here. At 6% , $509 will give you an $85,000 mortgage. You can save up all you want, but costs of homes have for the most part always risen and saving for 5 years probably will not offset what the rise will be.. This last year has been an exception but not the rule. Besides, every rent payment only gives you a place to stay. You aren't advancing yourself. Yes you have taxes and upkeep on the place, but the taxes should be deductable and the upkeep will add value if you sell it later. My advise is if you can swing it now and you find a place you like, buy it now. Check on how creative the bank will be with closing costs. I just sold a house to a young couple and they are adding the closing costs into the mortgage so they don't need so much cash at closing. You can also get mortgages with nothing down. There are lots of options out there. Go to a bank that you feel comfortable with and they will work with you. Our state has a housing program for first time buyers. 30 yr. rates are at 5-1/2 %. You can get that much on CD's at some banks so you can get "free money". Stay away from the adjustable rates though.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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