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 - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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