It sounds like you're on the right track. Obviously depending on the amount you are looking to purchase and how low his credit is, etc. will determine what you qualify for.
You will need to speak with a good loan officer who will go over the entire scenario with you.
Feel free to contact me anytime. I can put you in touch with a loan officer that I work with and also help you find the right home. I look forward to hopefully hearing from you soon!
RE/MAX NE Ohio
My suggestion is this: Get with a GOOD real estate sales professional in your area RIGHT NOW! That way, they can help you start to prepare your home for sale now, so you do not have all that work to do at the time you list. It is a lot of work to get a home ready to sell in todays market - if you do not think there is a lot of work to be done on your home, ask the countless thousands of people who are NOT SELLING if they wished they would have listened to their broker about home fix-ups prior to listing.
Anyway, get with a good local expert and someone who is proficient with todays intenet technologies to help market your home. Look at Realtor.com and local MLS websites to see which agents come up more. Also, type in AVON, OH REAL ESTATE, or any combination of that into GOOGLE and see who repeatedly comes up on the first page - that will give you a good idea of who is on the ball with their technology.
Other than that, there is no way of knowing where we will be in 2008, other than it may not be much different than it is right now. Also, stop reading and listening to the national news about real estate. We are in Ohio, and you are in Lorain Cty, Only focus on news that pertains to Avon, more specifically, your particular neighborhood.
Good luck!... more