Please let me clarify. My colleague (from the same office even) should already know that I don't consider myself a mortgage and real estate pro as that is not allowed from our brokerage. However, anyone expecting to have any level of success in this climate must be familar to some degree with the products that are available.
Here's a another word of wisdom. Anyone that recommends a single lender for your needs should be evaluated carefully. The programs that you'll find at the blog below are from different lenders (none of them in house, I might add) which operate under different guidelines, and for that matter, different minimum scores. That is why it is important that you speak with an agent who can help you with the list of lenders that can most likely service your needs in your current situation. There is a lender available for those with perfect credit perfect credit and others for those without perfect credit. Each situation is different. Please call.
Your score is a good one and looking for a loan under 100K in that area should give you plenety of opportuniuties to find something. Closing costs will vary depending on your loan - there are fixed costs (appraisal, origination fee, credit report, attorney fees...) and there are costs like a home inspection, title insurance, survey....I have a steller mortgage guy from SunTrust and I'm happy to have him run a good faith for you.
As for time to buy - trying to time the market is like trying to catch a falling knife. Inventories will remain hgih - you need to watch rates and they change daily. The bailout package will settle things and we could see rates bump up and stabilize by Jan. The time to buy is when you find that perfect home.
Drop me an email/call and I'll get you squared away -
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
REMAX Greater Atlanta