Principal and interest will be around $1000/m. Make sure you include PMI, property taxes, and homeowners insurance. What are the annual taxes and annual homeowners insurance amounts?
Try this calculator: http://www.anytimeestimate.com/FHA/fha-mortgage-insurance-ca
Check out these two articles:
Are You Ready? - http://homebuyernation.com/2013/09/23/are-you-really-ready-t
Getting Your Finances in Order - http://homebuyernation.com/2013/09/24/lets-get-your-finances
Hopefully these are useful for you.
Thanks for your question.
a loan officer will be the best person to answer your question after he has reviewed you and your fiance's whole picture, meaning income, assests and credit scores. He/She will also give you hints on how to improve it to get the best possible rates.
There are great loan programs for first time home buyers.
Call a bank you do business with or call me if you need a couple names of loan officers. I will be happy to assist you.
Ines De La Cruz, Realtor, ABR, CRS
To view all the homes in SJ visit http://www.inesdelacruz.com
2. you are not likely to be approved for the amount you need to make a 200k purchase.
Taxes plus mortgage payment would result in a payment of around 1700/mo. (That is a VERY rough guess)
But even if you were approved - you should wait. Your credit scores are only fair. Work on that.
I understand you are excited about your future and would love a home together. That's great. You will be happy for a lot longer though if you move more slowly. You need a plan and someone to help you implement it.
I could give more detailed advice if we talked but if not me find 'somebody' that will advise you and not try to sell you something till you are ready. I can also suggest a lender for you to talk to that will not pressure you. Good Luck
Remember you will also need some sort of down payment and verifiable employment.