Mark, from what you have stated it sounds like you are well on your way. It depends on your credit score, your loan to value and closing costs. I would call a lender and get a no commitment loan approval.
The very best of luck to you!
Michael


Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com

Hi Mark,

I do believe that you would be able to start looking for a home based on what you have stated so far.

I do have a program that you may quite interested in.

If interested, please contact me.

If not, good luck with your search.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
http://www.reneeporsia.com

Hi Mark

It really wouldn't hurt to talk to a well known lender and get a pre-approval. or to see what the bank would lend you guys. I think you should start there. Than I would call a Buyer agent that works in your area.

Dawn Fussell
realestate.com Realtors
215-356-3926
serving Bucks,Montgomery,Philly, Delaware Counties

We currently have a little more than $20,000 for a down payment. We also both have good credit (I've never made a late payment and have no marks against me).

As I said in my question, we currently bring in about 48,000 a year. We will be making $70,000 a year in May or June because I'll be done grad school. I have grad school loans in the neighborhood of $50,000. I will look into a local lender, but any thoughts on if getting a house is even a possibility would be helpful.

Get in touch with a locel lender, credit union or broker who deals with local lenders to get preapproved for a loan. This way, you would know what needs to be done to get everthing prepared. The reason I say local lenders is that the local banks have not been tainted as the big boys have been with the foreclosures. They would have more fund available and their hoops to jump through are not as bad as the larger lenders.

After you have this done, or during, you can search for an agent who will work for you and search for all homes in your price range whether they are in the Multi List, for sale by owner, or even those no longer on the market (recently expired).

Hope that helps, please give me a call or email if I could be of any service to you.

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
tcharest@HomesForFreedom.com
“Century 21 is the number one franchise site on the Internet”

Hi Mark,

A question I have is how much money do you have for a down payment and closing costs? Another question is how is both of your credit? Those are the most important factors which many people forget about. Your income is a huge factor as well as your debt.

You said it may be a few years until you are ready. Nobody knows how the market will be in a few years. If you both have money saved, your credit is good and you both have good income, now is an amazing time to get out there.

You should also find a buyer agent who will represent you both and who will look out for your best interests. Feel free to read my blog on buyer agency at http://www.reneeporsia.com

Also, you should speak with a reputable mortgage consultant to see exactly what you qualify for. Usually your buyer agent can give you a few names if you do not know of someone.

I'd love to answer all of your questions, feel free to contact me either via email or phone.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee

if you are first time buyers,you can get an FHA loan fir 3.5% down. right now,a conventional loan requires 20% down. There are ways online to figure what your monthly payments would be.