No. of Recommendations: 2
It's not lucky to make money in real estate, lucky is a winning lottery ticket. I have owned real estate since 1987 and have owned 5 houses. I made money on all of them - over $200,000 on one. It's being prudent, not selling in a down market, not over extending yourself, etc. The OP sounds like he is in a good position to buy. I am also curious why people recommend he rent. Renting is a PITA for many, more so then home maintenance (which I kind of enjoy). To each their own for sure, but he states he wants to buy and was asking WHEN he qualifies for a loan, not IF he should buy or not.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.