No GC but own a house? Please vote

[ivslave]

I am thinking of buying a home without waiting for GC approval. I am EB3 I with PD 2006. No hopes of GC in near future. Just want to see the trend....

Please vote yes if your GC is pending and you own a house.
Please vote no if your GC is pending and you are renting.

[wandmaker]

I am thinking of buying a home without waiting for GC approval. Just want to see the trend....

Please vote yes if your GC is pending and you own a house.
Please vote no if your GC is pending and you are renting.

Honestly, you do not need a poll to own house, it is a personal choice.

[ivslave]

I understand.... but you know how one thinks..... when you are deciding something... you look around.... ask around.....

[FinalGC]

It is risk that every person takes....If you are EB3 and have not applied for GC yet, I would NOT buy a house....This would be a High Risk investment

[ivslave]

^^^^^^

[TeddyKoochu]

I feel that unless your location & position is absolutely stable no point even thinking about it. Think only if you have a full time position and the company is in great health and you really like the city and area that you live in. If you are in consulting buying a house reduces your flexibility, I agree that renting is equivalent to wasting money, however it definitely gives you the flexibility to be mobile without any second thoughts.

[ivslave]

###

[visli_com]

Yes , I bought house,2007. PD aug2003 EB3

[maximus777]

I have just kept GC out of the equation for anything I do in my life. Buying a house was a personal choice and I could afford one - so just went ahead and did it. If I have to leave the country for good due to some immigration related bs, my lender can suck it up :D

[codehari]

We bought house feb 07, still waiting for Perm LC approval. (Audit) :rolleyes:

[ivslave]

I have been playing safe these many years..... I can't take anymore of Apartment living.... it was OK when kids were 2-3 years old... not anymore..... I guess... you need to be little aggressive.... ;)

[rameshvaid]

Yes.. I own the house since 2003.. Some time love it some time ... don't know..

RV

[ivslave]

Yes.. I own the house since 2003.. Some time love it some time ... don't know..

RV

what you are talking about...... in winter when there a ton of snow on drive way...:D or when your grass grows too fast... :D

[arunmohan]

I bought a house in June 2005.

[The7zen]

I have been playing safe these many years..... I can't take anymore of Apartment living.... it was OK when kids were 2-3 years old... not anymore..... I guess... you need to be little aggressive.... ;)

As someone said, its a personal choice.

With no GC and the economy still looking south.....buying a house is not the ideal way of being aggressive. If kids are growing bigger and you need a bigger place, just rent a house.

Just my .02

[rameshvaid]

what you are talking about...... in winter when there a ton of snow on drive way...:D or when your grass grows too fast... :D

You got it right..too much of work in the house..

[ivslave]

to see higher number.... more than 77% at this time.....

[hebbar77]

I bought one in 2004 , but in india !
Here I enjoy the freedom and savings with renting the apt for a small amount... I can drive across the country anytime if I want to ...
My personal opinion buying a house =a h1b visa 10 years must have/keep job. This will be different for dual income folks.

[sdrblr]

I got my GC last week but had a house here since Feb 2005. It helps when you file the tax :)

[kumar_rk21]

Two years before you would have got a different reply because selling a house was easier than now. My priority date is Jan 06, EB3-I, but we bought a house because of our personal choice. We wanted to give our daughter a nice environment to grow with friends. Why should she suffer because of the delays in GC?

Not buying a house doesn't hold you up to a location, especially if you are in consulting but again if you want to settle down and travel less, with EAD, it is still OK to buy a house. As long as you have some saving to take you through just in case you have to go out of the country and come again, you should be OK. If you don't want to risk it and space is not a concern, renting is not bad at all. House in the US according to me is not an investment purely on dollar value but the quality of life is way better than renting. If you will lose sleep just because you made a major investment, then hold on for few more years.

[ivslave]

make the jump....

[hiralal]

to see higher number.... more than 77% at this time.....
you really need to improve your spelling ..or you need a new keyboard before a house ..(see dictionary for surprized and peding)

[ivslave]

you really need to improve your spelling ..or you need a new keyboard before a house ..(see dictionary for surprized and peding)

get me some water now............. I know you are EB2 and all.....please leave me and my poll alone.....

[ivslave]

you guys/girls are so prime and prude..... I got so many RED dots for posting simple poll.... What's wrong in my poll?

[seekerofpeace]

Do you want to have similar polls on:
marrying
buying a car
having children...

There is something which is personal...buying a house is one such...opinion poll shouldn't decide that....GC or not if you feel like buy one...

We went thru the same decision 3 years back but not buying a house was one of the best decisions....the best way is to ask people who are selling houses....in the northeast it is a hell to sell houses.

My suggestion if you are a medico or a lawyer go ahead....but being attached to the tech sector is no safety net for buying a house....I have had friends with 300K take home file for bankruptcy in this economy after both members loose very lucrative jobs....just a statistic...by 2010 more than 50% households in the USA will owe more for mortgage than their houses net worth.....

Again it is an individualistic decision....go ahead if you feel confident...two things you must make sure you are in the house for at least 3 years....tax savings are no security...house tax and work on the house do add costs up....

+ House in USA is no longer an equity proposition but a liability...

SoP

[ivslave]

Do you want to have similar polls on:
marrying
buying a car
having children...

There is something which is personal...buying a house is one such...opinion poll shouldn't decide that....GC or not if you feel like buy one...

We went thru the same decision 3 years back but not buying a house was one of the best decisions....the best way is to ask people who are selling houses....in the northeast it is a hell to sell houses.

My suggestion if you are a medico or a lawyer go ahead....but being attached to the tech sector is no safety net for buying a house....I have had friends with 300K take home file for bankruptcy in this economy after both members loose very lucrative jobs....just a statistic...by 2010 more than 50% households in the USA will owe more for mortgage than their houses net worth.....

Again it is an individualistic decision....go ahead if you feel confident...two things you must make sure you are in the house for at least 3 years....tax savings are no security...house tax and work on the house do add costs up....

+ House in USA is no longer an equity proposition but a liability...

SoP

for sensible reply..... please don't tell me you never asked your friend's opinion when you were thinking of buying new CAR..... my poll question was simple..... if your GC is pending and did you buy house or not.......I see nothing wrong with this....

[kumar1]

I am on H1-B, Can I buy 2 underwears? It will cost me 3 dollars in WalMart. Please vote...it is really critical!

[seekerofpeace]

ivslave,
I did ask my friends but only thing I didn't poll it on IV.

Bottomline is with so many people waiting for their GCs. residency, H1-B other status in IV...the last thing in their radar is a poll on buying a house.....

My friend circle was enough for me to decide on such things than the hapless and ever-patient members of IV. Give them a break..........

SoP

[ivslave]

I am on H1-B, Can I buy 2 underwears? It will cost me 3 dollars in WalMart. Please vote...it is really critical!

you will consult friends when you are making big decisions like this......

[kris04]

I am thinking of buying a home without waiting for GC approval. I am EB3 I with PD 2006. No hopes of GC in near future. Just want to see the trend....

Please vote yes if your GC is pending and you own a house.
Please vote no if your GC is pending and you are renting.

It is a personal choice plus the level of risk you take, I bought my house before my GC was approved and here I am now. Setting aside GC concern, the only problem you might face is securing a loan with good rate, all lowest rate that you notice in internet banner or Bank flyer is not applicable to you, simple reason H1b Visa is considered as temporary Visa, once your loan application is taken by a banker, one of the question in loan app. pertain to Citizenship, if you're US citizen or GC holder then chances of getting loan with lower rate is higher(though many factors contribute to lower rate and loan approval), but if a person on H1B visa approach for a home loan, then Under writers perceive you as high risk borrower, some bank may deny loan if you claim as H1B visa holder, but some banks will approve loan but on higher rate.

In my case I was on EAD when my loan was approved, it was a hell lot of problem in convincing UW to approve loan, I approached my lawyer to get a letter stating that a person on EAD is one step closer to GC to get final approval, still I ended up taking 0.25 % more rate.

Good Luck

HTH

kris

[ivslave]

It is a personal choice plus the level of risk you take, I bought my house before my GC was approved and here I am now. Setting aside GC concern, the only problem you might face is securing a loan with good rate, all lowest rate that you notice in internet banner or Bank flyer is not applicable to you, simple reason H1b Visa is considered as temporary Visa, once your loan application is taken by a banker, one of the question in loan app. pertain to Citizenship, if you're US citizen or GC holder then chances of getting loan with lower rate is higher(though many factors contribute to lower rate and loan approval), but if a person on H1B visa approach for a home loan, then Under writers perceive you as high risk borrower, some bank may deny loan if you claim as H1B visa holder, but some banks will approve loan but on higher rate.

In my case I was on EAD when my loan was approved, it was a hell lot of problem in convincing UW to approve loan, I approached my lawyer to get a letter stating that a person on EAD is one step closer to GC to get final approval, still I ended up taking 0.25 % more rate.

Good Luck

HTH

kris

for reply.... as I said I am on EAD.....

[hiralal]

for reply.... as I said I am on EAD.....
assuming you are serious about the house ..I can say this ..with your PD and category it makes more sense to rent a house for a year and then decide yourself.
with a house you get lot of space, independence but with significantly high costs, maintenance and loss of mobility. plus you end up buying far away from your work ..so family time is lost during weekdays.
in apartments - you end up saving and investing more in retirement accounts, children education accounts etc etc ..but the flexibility is priceless...also greater chance of your kids making more friends in apartment parks / play dates etc.
so renting a house is a good bet if you really really need space ....home prices will decline for many more months in most locations and will be stagnant for years when u take inflation into account ..

[vshar]

Dear IvSlave,

you haven't updated your profile. Please update your profile like what is your chargeability ?

I bought a house in Mar 2008 with doomed PD of July 2006 EB3-I but I don't care and want to enjoy what I have or can do. Its my personal choice as some ppl mentioned earlier.

[ivslave]

votes and replies. I have updated my profile...

[GCNirvana007]

Thinkinf of buying one, not sure if its the right time - CT area

[chil3]

We booked a brand new house recently...after switching from consulting job to permanent job..I am on EAD

GC wait is endless ...kids are growing and don't want to raise them in rented apartments....paid 5% downpayment to have minimum risk...we procured couple of properties in India from our previous savings to fall back in case any unwanted situation in US

[abhisam]

exactly my thought... you almost stole words from my mind :-)

if i have to return to my country because of the immigration bs, it's this country's loss and the lender's loss - not mine. I did everything that I could... like an ideal citizen would do... and after all that if they want to kick me out, well then goodbye.

Also one thought (on an unrelated note, sorry!) - I see a lot of people on the forum posting about how they finally got their GC's after 10, 12, 15 years. I am really happy for them. Having said that, its not a matter a pride that people have to wait for so long to get GC. In fact it's a matter of shame! And by the way before anyone pounces on me, I take care of all action items that IV recommends :-) I am just saying that I feel bad when people have to wait for 10-15 years for their GC. My opinion is (coming back to our discussion) - I base none of my decisions on my GC process. I bought a house, decided to take a student loan to go back to school, changed my job and hopefully if all goes well, may even take a promotion pretty soon. GC my kiss my you know what. The process will go on on the side, but it won't affect my life in anyway.

Bottom line - whateva whateva, I do what I want! (for any South Park fans here)... haha..

Sorry about blabbering! Chao!


I have just kept GC out of the equation for anything I do in my life. Buying a house was a personal choice and I could afford one - so just went ahead and did it. If I have to leave the country for good due to some immigration related bs, my lender can suck it up :D

[gveerab]

I have been in USA from 2000 and have been waiting for GC from 2004. Finally last year decided to buy and bought one. When I bought my house my kid was in 3rd grade, decided not to compromise on his education and bought a house in good school district.

All depends on personal situation. I am not considering house as an investment, just a place to live.
:)






exactly my thought... you almost stole words from my mind :-)

if i have to return to my country because of the immigration bs, it's this country's loss and the lender's loss - not mine. I did everything that I could... like an ideal citizen would do... and after all that if they want to kick me out, well then goodbye.

Also one thought (on an unrelated note, sorry!) - I see a lot of people on the forum posting about how they finally got their GC's after 10, 12, 15 years. I am really happy for them. Having said that, its not a matter a pride that people have to wait for so long to get GC. In fact it's a matter of shame! And by the way before anyone pounces on me, I take care of all action items that IV recommends :-) I am just saying that I feel bad when people have to wait for 10-15 years for their GC. My opinion is (coming back to our discussion) - I base none of my decisions on my GC process. I bought a house, decided to take a student loan to go back to school, changed my job and hopefully if all goes well, may even take a promotion pretty soon. GC my kiss my you know what. The process will go on on the side, but it won't affect my life in anyway.

Bottom line - whateva whateva, I do what I want! (for any South Park fans here)... haha..

Sorry about blabbering! Chao!

[vpgreencard]

I am also on EAD and recently booked an house. Just pay 5% down payment and enjoy. I want my Kids to be raised in good neigbourhood and school. If my GC rejected , I will happily go back to India.

[ivslave]

good guys/gals.... for your opinions and votes.....

[prioritydate]

I got one after getting GC.

[GC_Geek]

It is a personal choice plus the level of risk you take, I bought my house before my GC was approved and here I am now. Setting aside GC concern, the only problem you might face is securing a loan with good rate, all lowest rate that you notice in internet banner or Bank flyer is not applicable to you, simple reason H1b Visa is considered as temporary Visa, once your loan application is taken by a banker, one of the question in loan app. pertain to Citizenship, if you're US citizen or GC holder then chances of getting loan with lower rate is higher(though many factors contribute to lower rate and loan approval), but if a person on H1B visa approach for a home loan, then Under writers perceive you as high risk borrower, some bank may deny loan if you claim as H1B visa holder, but some banks will approve loan but on higher rate.

In my case I was on EAD when my loan was approved, it was a hell lot of problem in convincing UW to approve loan, I approached my lawyer to get a letter stating that a person on EAD is one step closer to GC to get final approval, still I ended up taking 0.25 % more rate.

Good Luck

HTH

kris

I really liked your sensible answer, useful for me too...
I am guessing that the original poster of this poll is looking for some answers/opinions/advises like this.
Thanks Kris,

[go_guy123]

I have just kept GC out of the equation for anything I do in my life. Buying a house was a personal choice and I could afford one - so just went ahead and did it. If I have to leave the country for good due to some immigration related bs, my lender can suck it up :D

You cannot keep GC out of equation when GC/non-GC decides your ability to get unemployment benefits, choice of jobs and many more aspects of your life.

If you leave the country, you lose the equity on the house. I don't know when you bought
the house. In the post credit bubble period, the lender will make sure you have enough equity that they are secure and you have skin in the game.

[When485]

When my 140 approved, I bought my home thinking I will build Equity and own a home instead of paying rent. Now I am doubting if I did the right thing considering the slow down in Realty and uncertainty on GC. My spirits got dampened with the October visa bulletin. EB3 is once again back to world famous 2001 . Are there any 80000+ EB3-I petitions with a priority dates around 2001? Otherwise no logical reason in why this always go back to 2001? My friend and I went over the archives to find that over a period of 57 months, EB3 India crossed 2003 only twice - June and July 2007. So frustrating?

[shivarajan]

ambiguous poll.... i haven't applied for gc (1485) yet and own a home.... still said 'yes'. Guess one more option should be present.

Having EAD (almost GC) is big relief than folks who don't.

[ivslave]

vote and reply..... I am glad you took a chance and bought house.... when I created poll I thought it is clear enough..... GC Pending (485)? Already own a house? But thanks.

[Mr. Brown]

I own a house and haven't even applied for I-485. My PD is Sep 07. It's been almost 2 yrs since my purchase and I couldn't be happier.


I am thinking of buying a home without waiting for GC approval. I am EB3 I with PD 2006. No hopes of GC in near future. Just want to see the trend....

Please vote yes if your GC is pending and you own a house.
Please vote no if your GC is pending and you are renting.

[ivslave]

my friends..... all suggestions/opinions I got were encouraging and guiding..... never the less I got many REDs and bad comments... but its OK.... when you post on Open Forums..... people are entitled for their opinions...... So thank you......please vote if you still haven't..... I thought about my questions even more over the weekend..... I think I will put 5% down + PMI...... and take a risk after winter when home prices are traditionally depressed.... see what happens......

[Green.Tech]

I heard that if one is on H-1/EAD, it is tough to secure a loan with 5% down. Any truth to that? Also, what are people's thoughts on paying PMI? Is it better to avoid PMI with a 20% down payment?

GT

[Gravitation]

I bought my house before my labor was even filed.

PD: Dec 12th, 2003
House closing date: Dec 1st 2003

[gveerab]

I don't think EAD/H1b should matter for the loan application, but all these depends on loan agent and bank policy. I took loan from Bankofamerica without any problem.

PMI Vs 20% down payment, this is tough decision. If you want to play safe game till you get GC 5% down paymnet is better. In case if you have enough savings and planning to stay in that house for long time not it's not a wise decision to pay PMI.

:)


I heard that if one is on H-1/EAD, it is tough to secure a loan with 5% down. Any truth to that? Also, what are people's thoughts on paying PMI? Is it better to avoid PMI with a 20% down payment?

GT

[RDB]

Nope, I am with you :)......

PD: Nov. 10th, 2005
Escrow Closing Date: Oct 20th, 2005!!!!

I still own and live in the house :)

I bought my house before my labor was even filed.

PD: Dec 12th, 2003
House closing date: Dec 1st 2003

[arunmurthy]

Nope, I am with you :)......

PD: Nov. 10th, 2005
Escrow Closing Date: Oct 20th, 2005!!!!

I still own and live in the house :)


I think it is a stupidity to own a house while working. Dont join the rat race.
One should start a business and have some source of income that can pay
for mortgage than budgetting within your monthly salary.
Dont give me reds but I know that is the smarter way.

[EB-VoiceImmigration]

Here are my thoughts/suggestions:

Its good to know what other people are doing.. but when the decision time comes only ur personal things that matters

Ask your self questions like some of the below:

1) how long u are planning to stay in house/US - based on this u can use rent vs Buy calculators to see which option is better for you.
2) is ur monthly income (Net .. not gross) is enough to buy the house u want? - means house in good location, with minimum sqft, enough rooms etc
3) is this right time for you or r u just want to take advantage of 8000/- pay back - if so please think twice - you can save or get back this money by other means if you carefully plan. Just see if you are better off purchasing house next year.
4) if the house purchased, will you able to fund any future investments?

many more personal things to consider...

so THINK ,... THINK, and again THINK before jumping on this HUGE investment.

[ivar]

My Priority date is April 09, I don't have I-140 and no EAD ofcourse. I bought a house last year.. whatever you say, i want to live every moment of my life. While coming to US 5 years back i came with just $500 never thought that i will stay in my own house one day in US.. I want to enjoy every moment of it. In future i am not sure what will happen you can't plan everything, atleast in my case, my plans never work out because destiny always plays its part and the plan gets Fcuk up. I don't want to rely on GC or EAD for happiness because its destiny.. if i am destined to get it i will get one day else forget it... i will go back.. If i had to get GC i would have got it long time back.. me and my friend applied for labor in Mar 06 he got is GC last year... but i am still stuck with my new PERM.. so there is no point in holding back your happiness.. just do what makes you happy.. after all it depends on each individual. Initially i did the same thing rented an apartment saved money and use to watch visa bulletins... its time to live life the way i want.

[ivar]

-- Deleted --

[atlgc]

i bought mine after 140 approved but before 485 applied

i enjoy a lot and took a chance let see how it turn out in a long run (good or bad choice).

[rkg000]

I don't think linking GC to anything, leave alone buying a house, is such a good idea. I bought my house when only my 140 was approved.
But on the other hand buying a house is a huge responsibility which will, at the very least, take out the flexibility in your movement. Paying rent is not always a waste of money if you look for other means of investment. Hoses are not going to appreciate the way they used to. You'll be lucky if they appreciate by even 1%.

If your eventual plan is live here permanently, then yes go ahead by all means. You won't find better home prices and better loan rates than now.

Pay attention to the expenses you'll incur after buying a home, most importantly
1) Utility Costs (be particularly worried if you live in snow areas).
2) Maintenance (Regular community maintenance and interior maintenance).
3) Property Taxes (if you live in areas like NY, NJ, they'll only go up from already Highs)
4) Child Day care expenses (When you are ready to send your kids to day care, this expense will hurt you the biggest in terms of meeting your mortgage commitments).

[Edison99]

Gravitation: you are the man, belated congrats...

[Green.Tech]

I don't think EAD/H1b should matter for the loan application, but all these depends on loan agent and bank policy. I took loan from Bankofamerica without any problem.

PMI Vs 20% down payment, this is tough decision. If you want to play safe game till you get GC 5% down paymnet is better. In case if you have enough savings and planning to stay in that house for long time not it's not a wise decision to pay PMI.

:)

Thanks gveerab. I am not too sure but may be the bank adds on a few points to the APR if one is on EAD/H-1 and is putting down 5% or so.

I don't understand the "play safe" argument for PMI (unless of course if crap hits the fan, you just abandon your house and take off)? If you live in it (even for 2 years only) and then sell it, why not stilla avoid the PMI?

[ivslave]

we have close to 200 votes... I never imagined the % will so much higer..... around 80%...

Thanks again.

[go_guy123]

we have close to 200 votes... I never imagined the % will so much higer..... around 80%...

Thanks again.

Those 80% who bought homes, a whole lot of them have been able to survive because of the July 2007 fiasco. Without EAD it would have been a totally different ballgame.

Also a lot bought home in pre-credit crisis era when 5% down etc was available. But now 10% or if not more is the norm. So you will have a lot to lose if you default or leave country.

A friend of mine who got GC in end-2006 was discussing with me in 2008 whether to buy or not (he did not buy at that time...I don't know now in 2009 whether he has bought or not). The reason is that just because one has GC does not mean one has to commit stupidity when prices were plunging.

One needs to weigh all options. I see no GC in the horizon for EB2/3-India for non-EAD people. The political equation is stacked against EB2/.
House prices wont recover for many many years. The early 90s correction took a decade to recover.

If you are not on EAD and your pd is in 2006 or later, then it makes no sense to buy a house financially (though it is a ok time if you have EAD/GC but can wait more).

[lifestrikes]

I got my home in Jan 2007 ( 10% down and 80-10 loan) and expecting to file Labor by early next year.

It's your personal choice and amount of risk you are willing to take.

[hiralal]

I know I will get reds for pouring cold water but well who cares ..
---------------------------------------------
US Economy Facing 'Death by a Thousand Cuts': Roubini - Financials * Europe * News * Story - CNBC.com (http://www.cnbc.com/id/32837255)
Additionally, non-government bonds will face pressure, the securitization market is all but dead, the credit markets are still frozen and consumers will continue to save more rather than spend and boost growth.

"It's going to be death by a thousand cuts," said Roubini, chairman of RGE Monitor and economics professor at New York University's Stern School of Business. "The financial system is severely damaged, and it's not just the banks."
Roubini predicted more than 1,000 financial institutions could fail before all is said and done.

At the same time, he said housing prices are likely to fall another 12 percent in the next year—40 percent overall since the market began its steep decline—and about half of all homeowners will owe more on their mortgages than their houses are worth.

[Green.Tech]

I know I will get reds for pouring cold water but well who cares ..
---------------------------------------------
US Economy Facing 'Death by a Thousand Cuts': Roubini - Financials * Europe * News * Story - CNBC.com (http://www.cnbc.com/id/32837255)
Additionally, non-government bonds will face pressure, the securitization market is all but dead, the credit markets are still frozen and consumers will continue to save more rather than spend and boost growth.

"It's going to be death by a thousand cuts," said Roubini, chairman of RGE Monitor and economics professor at New York University's Stern School of Business. "The financial system is severely damaged, and it's not just the banks."
Roubini predicted more than 1,000 financial institutions could fail before all is said and done.

At the same time, he said housing prices are likely to fall another 12 percent in the next year—40 percent overall since the market began its steep decline—and about half of all homeowners will owe more on their mortgages than their houses are worth.

Ahh, I was wondering what happened to the nay sayers. Here we go again. I agree with the general consensus that owning a house is a personal matter; depends on each person's own situation. I am amazed by why some folks are hell bent on making others agree to their extreme opinion; be it "yes you must buy" or "no you must not buy". Everyone is correct in what they think is right for them. For the record, I don't own a house, at least not yet. :)

[fide_champ]

I agree that it's really a personal choice. It's quite risky in this economy with housing prices going down. It needs a lot of reasearch and lot of thinking before you can make that decision. I don't think surveying people will help because there's lots of personal factors that can play a role in making that decision. Maybe it may help to listen to different people's decision making process. Having GC is a factor but it's not the only limiting factor. I know a lot of people who bought homes much before they filed the i-485 and i know few others who didn't and you can't blame them for their decisions.

For the record, i bought my home in 2008 and i must admit that owning a home is one of the nicer things i did in this country. We and the kids love the extra space and the luxury. My kids will be going to public school next year so will be making full use of the taxes we pay.

If you have a stable job, IMO you can buy a home and i bet you won't regret that decision. But stable job is as hard as finding a treasure these days.

[maximus777]

You cannot keep GC out of equation when GC/non-GC decides your ability to get unemployment benefits, choice of jobs and many more aspects of your life.

If you leave the country, you lose the equity on the house. I don't know when you bought
the house. In the post credit bubble period, the lender will make sure you have enough equity that they are secure and you have skin in the game.

Bought my home in early 2008 on 100% financing (yeah, they had these crazy schemes back then!) before the economy tanked. So I havent put down any money. Even the closing costs were paid by the seller. For me its not an investment, but a place to live. So I am not worried about the equity. The home isnt a McMansion and the mortgage payment is manageable. When tax savings at year end are considered, it almost puts me on par with renting.

On the other hand, I dont put GC on a pedestal. I bought my home even before I had started GC process. To me it is not a life changing event like the day I was born or my wedding day or the birth day of my kid. Its something good to have for obvious benefits, but I am not holding my breath until I get it. Once again, I reiter that factoring GC into your decisions is a personal choice, and I dont do it. I am not banking on unemployment benefits or any other govt dole. Like I said, if anything were to go wrong and I had to leave the country for good, my lender will be the one taking the hit. This might not be the case in your situation and I can understand why GC would be so important then.

[mantagon]

Now that you have seen 'good' results, what have you decided? Buy or Rent?


we have close to 200 votes... I never imagined the % will so much higer..... around 80%...

Thanks again.

[Sideliner]

I came to us 02 june, bought home in 03 August. I applied for GC in Sept 2006. GC has nothing to do with house. If you can get a loan and buy in a decent locality buying any time is beter than renting.

[smuggymba]

Two factors:

1.) Personal Choice

2.) Job security.

If you work for a good company - buy one. If your job is dicey, don't.

Personal need + good job = House

[ivslave]

Now that you have seen 'good' results, what have you decided? Buy or Rent?

it.... already reserved books on home buying from library......... started data accumulation in spreadsheet.....