Out of HS First Time renter/buyer questions?

I live in Sacramento, and I graduated HS in June. I've worked a professional job since June. I bring home around $2100 post taxes, not counting the occasional overtime that comes with my job (I'm in IT). I have about $3000 in my savings and checking... I would have more, but I've been helping my parents with their bills. Long story short, I got into an argument with my parents, my dad especially, and he told me that I wasn't pulling my weight. This is the second major argument we've had in a month, and the first one he told me to get out of the house. I came back about 6 hours later with a lease application and called his bluff.

In any case, if my math is correct, I can afford between $800 to $1050 a month for a mortgage / lease.

Should I try to get a foreclosed home cheap, or should I just rent?

How large of a loan could I get and at what interest? I have done nothing to harm my credit... but then again, I haven't done much since I graduated.

Thanks.

Out of HS First Time renter/buyer questions?

I would rent an apartment because you have to take in account moving expenses and you will need to furnish the apt. Keep saving and buy yourself a nice starter home in a couple of years. Also with your parents they are probably in a hard spot and could use some money and they think that you should help them out even more than you have. It is your choice but just think of how much they spent on you those first 18 years. lol.

Out of HS First Time renter/buyer questions?

Rent... Who called who's bluff ? lol

Out of HS First Time renter/buyer questions?

There's arguments for both sides. I'd recommend you rent for at least a year before buying so you can get you feet wet for living by yourself. I'd also try to find a cheaper place to rent than the figures you're quoting, as the dollar never seems to stretch as far as you think it will.

As for buying, if you decide to go that route, find a good Realtor who knows how to work with first time buyers. Also, stop in to see a mortgage lender first, so you can see if you would even qualify for a loan. Consider taking on a roommate or two once you've bought a place to make life a little easier for you. The last thing you'll need is to buy a home and then go into foreclosure.

Best of luck to you, and remember, you're not calling your dad's bluff, you're moving out into the world. You need to do this when you're ready, not him.

Out of HS First Time renter/buyer questions?

Rent at home is always cheaper than outside. It usually comes with laundry, food, TV cable and Parlking etc etc etc.

Come to an agreement on rent. stay home and save some money. Join the company 401k plan. Give it a while and help out at home some.