Home Buying in Morgantown>Question Details

K.m., Home Buyer in Morgantown, WV

I am graduating pharmacy school in May. I am interested in buying a house right about the time I graduate.

Asked by K.m., Morgantown, WV Wed Mar 18, 2009

I have a credit score of about 750 and my income will be more than enough to cover a mortgage on the house I am interested in. I already have a job contract for when I graduate. I don't have a huge down payment saved, only about 5% plus closing costs. I am just wondering if I will have trouble getting a mortgage. I can't continue renting unless I rent for a whole additional year. Any advice? Thanks.

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Hello, It sounds like you are well prepared to become a home buyer. Its a good time to start searching for a home now because most sellers will start the process of selling in March. Check with your lender to see if you qualify for an FHA loan which only requires a small downpayment. Do you have a property in mind that you are interested in? Some of the guidelines of an FHA loan have to do with the quality of the home. Please feel free to contact me with any questions, I would be happy to help you out. Have a great day!
0 votes Thank Flag Link Thu Mar 19, 2009
Check with your lender. You may be able to recieve an FHA loan which requires 3.50% down (of which can be gifted). Of course they need proof of your offer letter from your new employer. In this real estate climate, the seller has been generous enough to pay concessions towards your closing costs as well. If you would like the names of lenders, I can provide you with a few.

Good Luck,
Aurora Guiragossian
Long and Foster Realtors
aurora@longandfoster.com
0 votes Thank Flag Link Wed Mar 18, 2009
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