{"id":2260,"date":"2022-06-03T10:00:00","date_gmt":"2022-06-03T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2260"},"modified":"2024-04-25T23:18:44","modified_gmt":"2024-04-26T03:18:44","slug":"rent-or-buy-is-there-even-a-choice-in-2022","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/rent-or-buy-is-there-even-a-choice-in-2022\/","title":{"rendered":"Rent or Buy? Is There Even a Choice in 2022?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-or-buy-real-estate-1024x529.jpg\" alt=\"\" class=\"wp-image-2262\" width=\"1024\" height=\"529\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-or-buy-real-estate-1024x529.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-or-buy-real-estate-300x155.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-or-buy-real-estate-768x397.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-or-buy-real-estate.jpg 1495w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers are frustrated. Many have worked hard for years to get into the position to buy a home, only to find absolutely nothing that\u2019s accessibly priced, or to lose a nice find to better-funded bidders. Now, the vast majority of listings are above the $200K mark. Would-be buyers must keep paying ever costlier rent, rather than saving more for the investment they really want.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On top of it all, here come the rising interest rates. Interest on a 30-year fixed-rate mortgage is above 5% for the first time in years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s understandable that some are giving up. Still, there are reasons for patience, persistence, and hope.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Will Home Prices Come Down?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While rising mortgage rates do tend to depress demand, we cannot expect real estate prices to fall. But why not?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Certainly rising mortgage interest rates will limit many people\u2019s ability to afford a loan. And that would mean fewer people trying to compete out there. Surely there\u2019s light at the end of the tunnel?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, there are other pressures:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Even in the worst years for real estate, the prices have almost never gone down. <a href=\"https:\/\/fred.stlouisfed.org\/series\/MSPUS\" target=\"_blank\" rel=\"noreferrer noopener\">Just check with Fred<\/a>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Nor will we see a repeat of the 2007-08 real estate crash. Once the crash happened, lending rules were tightened up to prevent it from happening again.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>We\u2019re also in a time of rising inflation, costly appliances and cabinetry, and clogged material supply chains.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Worker shortages, too, have kept the costs of building up, and the supply of homes down.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">So, with a limited supply of houses out there, those people already in homes with low-interest, fixed-rate mortgages have no reason to let go of them now. Inflation is stubborn. So are worker shortages and high worker costs. They\u2019ll be with us for some time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As dastardly as this market is, both prices and interest rates could go up quite a bit more in the years ahead. In most areas and for most people, giving up on the market for a year (or a few years) probably won\u2019t be the cost-effective option over the long haul.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means the best policy for now is saving, keeping up a decent credit profile, and staying alert for an unusual opportunity. Perhaps co-owning. Or accepting a broader range of locations. Maybe even finding an agent who specializes in <a href=\"https:\/\/www.deeds.com\/articles\/should-i-buy-a-foreclosed-house\/\">bank-owned homes<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u261b<\/em><em>&nbsp;<strong>Get ready, and stay ready, to apply for a mortgage. We have tips.&nbsp;<\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/applying-for-a-mortgage-get-the-facts-on-credit-scores-and-how-to-improve-yours\/\"><strong><em>Get the Facts on Credit Scores and How to Improve Yours<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rent Vs. Mortgage Is Not the Whole Question<\/h2>\n\n\n\n<figure class=\"wp-block-image alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-vs-mortgage-is-not-the-whole-question.jpg\" alt=\"\" class=\"wp-image-2261\" width=\"360\" height=\"540\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-vs-mortgage-is-not-the-whole-question.jpg 480w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/06\/rent-vs-mortgage-is-not-the-whole-question-200x300.jpg 200w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Increasingly, in many markets,&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/owning-a-home-today-is-more-affordable-than-paying-rent\/\">buying a house is cheaper than paying rent<\/a>. For people whose credit profiles make them eligible for mortgage loans, buying could be cost-effective. Because wages aren\u2019t rising at the same pace as rents, a fixed-rate mortgage can feel like a necessity today. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Granted, <a href=\"https:\/\/www.deeds.com\/articles\/the-cost-of-owning-a-home\/\">the cost of owning a house<\/a> involves more than the mortgage principal and interest. There\u2019s the down payment and closing costs. There are the moving costs, the furnishing costs, the repair and redecorating costs. There might be association fees. There are property taxes and homeowner\u2019s insurance premiums \u2014 although they are typically folded into the mortgage payment. There is <a href=\"https:\/\/www.deeds.com\/articles\/category\/title-insurance\/\">title insurance<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other side of the coin, the down payment and moving costs soon become a memory. Gradually, the owner builds equity. The more years an owner holds onto the house and pays down the mortgage, the more equity builds up, as real estate values generally rise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those who have already bought homes, especially those who bought in the past few years, are keenly aware of how fortunate they are at this moment. They are on the ladder. Their monthly housing costs are stable. They are able to deduct a portion of their mortgage interest and property taxes on their annual returns. And their rising home equity is working for them in the background. For some of today\u2019s owners, the rising value of their homes is essentially their biggest source of earnings!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Loans Don\u2019t Need Large Down Payments?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If we\u2019re assuming, probably correctly, that prices won\u2019t come down, how does a borrower prepare for the upfront costs of buying today? Not every responsible borrower can easily put 20% down on a home \u2014 especially now. There are options for putting 3% or 3.5% down. Speak with a mortgage consultant who works with one or more of the following offerings.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Government-backed loans. Applicants with FICO\u00ae scores of 580+ can look at FHA options with down payments as low as 3.5%. There\u2019s a debt-to-income ratio&nbsp;limit of 43% (38% being housing costs). Higher credit ratings allow people to borrow more. VA loans (for veterans) and USDA loans (for homes in designated areas) technically require no money down for eligible borrowers.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Fannie Mae\u2019s 3% HomeReady\u00ae conventional loan. This is for buyers with FICO\u00ae scores of 620+, with modest incomes and debt-to-income ratios as high as 50%.&nbsp;Check <a href=\"https:\/\/homeready-eligibility.fanniemae.com\/homeready\/\" target=\"_blank\" rel=\"noreferrer noopener\">income limits in your area<\/a>, and learn about the coursework on the&nbsp;<a href=\"https:\/\/www.fanniemae.com\/singlefamily\/homeready\" target=\"_blank\" rel=\"noreferrer noopener\">eligibility<\/a>&nbsp;page. This loan permits down payments and closing money to come from gifts. Co-borrowers are acceptable.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Also available for as little as 3% down is&nbsp;Freddie Mac\u2019s Home Possible\u00ae&nbsp;mortgage. There\u2019s a 660 minimum credit score. Self-employed applicants may submit alternative credit data. Check the&nbsp;<a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/affordable-lending\/home-possible-eligibility-map\" target=\"_blank\" rel=\"noreferrer noopener\">mapping tool<\/a>&nbsp;for income rules. Alternatively, Freddie Mac\u2019s 3% down&nbsp;<a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/home-one\" target=\"_blank\" rel=\"noreferrer noopener\">HomeOne\u00ae&nbsp;mortgage<\/a> has no income limitations. Freddie Mac\u2019s&nbsp;free&nbsp;<a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/creditsmart\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">CreditSmart<\/a>\u00ae tools assist Home Possible and HomeOne borrowers \u201cthrough every stage of their financial capability and homeownership journey.\u201d<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>There is also a 3%\u00a0down payment\u00a0option for any borrower, regardless of income bracket. Tim Lucas, for <em>My Mortgage Insider<\/em>, says this about the <a href=\"https:\/\/mymortgageinsider.com\/conventional-97-ltv-program\/\" target=\"_blank\" rel=\"noreferrer noopener\">conventional 97 loan<\/a>: \u201cAccording to Fannie Mae\u2019s Loan Level Price Adjustment (LLPA) chart, a borrower can have a score as low as 620 and still qualify\u2026\u201d Lucas adds that \u201csome borrowers will receive the same or lower rate for a 3% down loan compared to\u00a0those with 20% down.\u201d<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Lenders have their own sets of eligibility criteria. The applicants\u2019 credit reports and credit scores are among the first things they examine. Lenders also look for two years of stable work and wage history. A mortgage specialist can advise applicants with non-traditional incomes on what sources a loan underwriter will accept. All applicants for low-down-payment loans should be aware that their monthly payments will include <a href=\"https:\/\/www.deeds.com\/articles\/a-guide-to-private-mortgage-insurance\/\">private mortgage interest (PMI)<\/a>. The FHA\u2019s isn\u2019t cancellable, so the borrower would have to refinance to get out of it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">And the Best Time to Shift From Renting to Buying Is\u2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you want to, and can afford it, and the circumstances work out well for it. When the house isn\u2019t more trouble to fix up than it\u2019s really worth. And when you\u2019re ready to live in a place for long enough to build equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s true in 2022, and it\u2019s true every year. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Lucia Mutikani for <em>Reuters.com<\/em>: <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-new-home-sales-hit-two-year-low-prices-surge-2022-05-24\/\" target=\"_blank\" rel=\"noreferrer noopener\">Record High U.S. House Prices, Rising Mortgages Depress New Home Sales<\/a> (May 24, 2022).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Patrick Chism for Rocket Mortgage\u00ae via <em>QuickenLoans.com<\/em>: <a href=\"https:\/\/www.quickenloans.com\/blog\/should-you-rent-or-buy\" target=\"_blank\" rel=\"noreferrer noopener\">Rent Vs. Buy: How to Decide in 5 Steps<\/a> (Feb. 28, 2022).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/just-3-down-heres-how-its-done\/\">Just 3% Down? Here\u2019s How It\u2019s Done<\/a> (Nov. 26, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/a-man-in-white-long-sleeves-using-a-laptop-7593803\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mikhail Nilov<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/person-with-keys-for-real-estate-7599735\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oleksandr Pidvalnyi<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers are frustrated. Many have worked hard for years to get into the position to buy a home, only to find absolutely nothing that\u2019s accessibly priced, or to lose a nice find to better-funded bidders. Now, the vast majority of listings are above the $200K mark. Would-be buyers must keep paying ever costlier rent, rather [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[71],"tags":[],"class_list":["post-2260","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rent or Buy? Is There Even a Choice in 2022? - Deeds.com<\/title>\n<meta name=\"description\" content=\"It\u2019s understandable that some are giving up on real estate. 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