Financing in 97045>Question Details

Laurén Lamb…, Home Buyer in Tampa, FL

If my husband and I make $37,050 a year together, is there any kind of help with buying a home? Otherwise, I don't think we'll ever be able

Asked by Laurén Lambert, Tampa, FL Sat Oct 6, 2012

to afford. We just moved here about 2 months ago, we are teachers at a private school.

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Craig Loughridge’s answer
Best way to find out is to talk to a loan officer to find out how much you qualify to borrow under each loan program available. (There are a variety of low-downpayment loans.) Then, contact a real estate broker to get a list of properties that fall within your price and monthly payment range. With that information, you'll know if there's anything available that you want.

Would be happy to help with a referral to a couple of loan officers to try, and to help find properties that meet your wants and needs.

Best of luck.
0 votes Thank Flag Link Sun Oct 7, 2012
Wells Fargo has a special loan program called CDMP that only requires 2% down for those whose income is less than $56k. It is a 30 year fixed conventional loan. The best part is that there is no Mortgage Insurance Premium (MIP) so your payment will be lower than if you went with an FHA loan with 3.5 % down. Your Debt-To-Income Ratios will then be better and you will qualify for a higher purchase price. I had a couple last year that were only approved to $100k with an FHA loan and through this CDMP program they qualified for $125k, which was what they needed to find a home at that time.

Academy Mortgage has a Down Payment Assistance Program that will give you 3% or 5% that you could use towards the down payment, or to closing costs and prepaids. If your agent is able to negotiate that the Seller pays some of your closing costs then a buyer would have fairly little out of their pocket to close the transaction.
0 votes Thank Flag Link Wed Apr 2, 2014
There is a USDA loan program that may work for you. I have helped several buyers purchase a home with a USDA loan. Several rural communities outside of Oregon City qualify for the program. I can assist you with contacting a loan office who can do these loans. I can then help you locate a home that can work for this program.
0 votes Thank Flag Link Sat Oct 6, 2012
You should talk with a lender to see what it is you need to qualify for a loan. It wont just be your income...it will also be your credit scores and your other debt. You may be suprized about what you might qualify for and the programs out there for assistance. Most lenders can help you find that information...so go talk to one and get started!
0 votes Thank Flag Link Sat Oct 6, 2012
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