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Loan question for First time home buyer! Thanks!
We are looking at a house now to buy. We are going for our second viewing on thursday with my grandparents. This would be our first home! We have been renting for the last 5 years and are wanting to move closer to family. We planned on building in the area we found this home but we were trying to save more money. This house we found is alot less money and more affordable for our first mortgage. The asking price is around 130,000.
Now my question is- What are the requirements for an FHA loan? We want to put down around 3.5 to 5% down. We both have good full time/stable jobs. Only debt we have is student loans. We have our cars paid off and no credit card debt. Our credit scores are over 800. Let me know what other information they would need or if you think we even qualify. Thanks in advance for the information! This is all new to us!
Progesterone level 4/2011= 11.29. SA normal. HSG normal.
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10/11 Clomid 50mg =BFN progesterone level 31,
11/11 Clomid 50mg=BFN progesterone level 12,
12/11 Clomid 50mg=Progesterone 31
01/12-Break from meds-BFN
Feb-cd3 blood work FSH(5), AMH(0.56) 02/12 Break....
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June and July-much needed break
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December- Bravelle(3 good follicles & E2 1252) with IUI#5 BFFN
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Currently on a break..deciding what to do next while trying to save money for another round of whatever we decide
Re: Loan question for First time home buyer! Thanks!
Well from what you posted it sounds like you should be ok (credit score, stable jobs, etc). With FHA, you typically have an upfront mortgage insurance of 1% of the mortgage amount plus you will be paying monthly PMI. When we looked at the loans, the FHA PMI was a minimum of 5 years. Also, FHA loan requirements are a little more strict about the condition of the property.
I would suggest you talk to a mortgage broker to get prequalified before submitting an offer. Also, ask them if they have any first time homebuyer programs. In May, Wells Fargo offered a 3% down conventional loan for 1st time buyers. A few upsides is that the conventional loan had less monthly PMI, no upfront PMI and the PMI could be dropped after 12 months if you had an 80% loan to appraised value (on the loan we ended up going with which was not a 1st time buyer but a standard 5% down conventional). This was good to us becuase we did a lot of work in cash to the property since we purchased so we think we should be able to drop our monthly PMI this summer. The mortgage broker should be able to provide Good Faith Estimates for the FHA loan and the conventional loans. You can compare monthly payments and estimated amounts to bring to closing and decide what to do. Good luck!
Make sure you have emergency savings in place as well as closing costs, moving costs, start up costs, repair/renovation costs, decorating & furniture/appliance costs, yard and tools etc BEFORE you buy.
Keep your housing costs to 25-28% of your takehome pay (mortgage+PMI+insurance+taxes+utilities) or you could easily find yourself house-poor.
Ditto this. We haven't run into any issues since we bought our house 3 months ago *knock on wood* but I'm very, very glad we have an emergency fund in place if any issues were to arise.
I would also think about looking into loans other than FHA. We did ~10% down (I can't remember how much for sure) on our house with a conventional loan, though we could have done less. Our PMI is only 2 years, and we didn't have to deal with any of the weird FHA requirements for inspections.
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