GaBuyer
Joined: 09 Feb 2010
Posts: 1
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| Posted: Tue Feb 09, 2010 7:05 pm Post subject: Newly Engaged Couple Buying First Home...HELP!!! |
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My fiancee' and I are trying to get our first home under contract by the April 30th deadline. This is the first home for both of us so with it comes several questions. (Both names on mortgage and title)
We both have excellent credit...in the realm of 800 and one of us over 800 so that is not an issue. The main issue we have is the downpayment. We have stable jobs and make decent income but do not have 20% to put down. We are looking at putting 10% or less down. We have just started getting into it but based on estimates, I would expect the home to be in the $230-240K range with a downpayment of $20-25K.
We have only be in contact with Quicken Loans and they are preaching FHA with rates between 5 and 5.5%.
We have a few major questions that hopefully you guys can help with:
With what we have supplied, are your suggestions to look more toward a conventional mortgage or still focus on FHA?
Are the online banks like Quicken and Lending Tree our best bang for our money?
Do our numbers look realistic for a 30 year mortgage with monthly payments in the $1200-$1300 range?
How will the $8K tax credit work if we are not actually married when we purchase the home and since our 2009 taxes will already be filed?
And of course, anything else you guys can provide! We greatly appreciate the help as this is a hard learning process that we frankly do not have much time for! |
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