I am frequently asked about rentals in this area. As of today, there are 7 properties for rent. The cheapest is $1,350/mo for 1 bedroom 1 full+1half in Trevor House and the most expensive is $1,800 for a townhouse with 3 bedrooms and 2 full +2 half baths in Arrowood.
Yes, it makes sense to rent and save some money before you start looking for a property to purchase if you do not have enough cash to go to settlement. These days you should have at least 3.5% for downpayment. And in case of a foreclosure, the seller (bank) most likely will refuse to give you subsidy for closing costs. If you only have 3.5% for downpayment and the property needs to be fixed, an FHA appraiser will most likely refuse to appraise it until it is fixed...So, my advice is - wait and save if you do not have sufficient funds to close the deal. Good luck!
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