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You should be able to get a loan based on that critera. We have programs with 3% and 5 % down. There has been a tightening of guidelines for condominiums. If you are looking to go that route not only do you need to qualify the project will need to qualify. Home prices have dropped modestly in most communities and sharper in some other's but 200k could purchase a failry nice condo, but would not go a long way toward a single family home. If you would like I could do a pre-qualification over the phone or via e-mail
Jim Birgida GMAC Mortgage-jim.brigida@gmacm.com

Looking Pretty Good To Me! Call Jim Brigida at GMAC Mortgage 617-3312-8933 Highly Recommended!

Hi Just looking, so by now you know you can definitely find a mortgage that will work, the bigger question is to find the right home in your price range. Burlington is a great community but the inventory in your price range is low. As others have suggested, expand your search to more affordable areas like Arlington, Waltham, Watertown and closer to Boston and you should be able to find a few options.

Great responses, thank you. It appears that getting financed is possible. I have another option that I'm considering... I could delay the purchase and apply all of my monthly savings and the $15k to wipe out the student loan and cc (virtually debt free except for my 1st mort on my condo) by Sept 2010 (note in all scenarios I have $10k emergency fund socked away). Then I could save even faster and have the $15k down saved up by Sept 2011 allowing me to be more appealing to lenders. The caveat I wonder is home price forecasts and interest rates; my gut feeling is that a rebound in home prices won't occur that quickly but I believe Burl area was not hit as hard as other areas in the US and could appreciate steadily. My biggest fear is that inflation will drive interest rates up effectively costing me more on my future loan. The plus side is I can apply what I used to pay in monthly debt payments towards more house. I look forward to your thoughts....

It sounds like your still in good shape to buy a home at that price range though you might not get much house for 200k in Burlington. You should definitely look at surrounding areas as well. Also, check out Wells Fargo home mortgage. I'm working with them right now and they've been great. I went with them on the recommendation of a friend. They have 3% down financing which has helped me be able to afford my first home more easily.

Based on the info you provided, I would say your approval outlook is very positive. Your debt to income ratios are low (make sure the $800 loss is based off of 75% of the rent you will receive and not 100%) assuming you will be seeking approx. 85% financing on a $200K home. The most important item to consider is what you will feel comfortable with on a monthly payment basis and to determine if that number includes taxes, insurance, etc. Once you firm this number up, we should be able to back into the applicable purchase price to validate your search criteria. Please advise if you would any additional help in your research.

Is the $200k your max, also do you have kids, that is a factor, do you need public transportation? Townhouse or House?

your situation is a good one, you shouldnt have a problem. find a trusted mortgage broker, not an internet company who can help you find teh best program for you. ask the realtor helping you find your new home for some referrals, goo dluck

Your chances sound great to me! I've worked with people in FAR WORSE financial situations that have gotten first time home buyer financing. What exactly are your concerns about your ability to get financed? Seems like you are in a position to really shop for a good program.

Well dispite what has been said about the mortgage business I have not had a problem with getting my clients financed with a score of 700 and above especially if they are putting money down. I am a TN agent I have noticed an increase in interest rates but if rates drop in the late future you can always refinance. I am an agent not a mortgage professional, to best answer your question I would call your local bank and let them know your situation.