You have a lot going for you to start the process of home ownership. You have a great credit score, you have some money saved and you have some credit history.

What you need to determine is how your income ratios balance with your debt load and the person to look at the whole piciture is of course a loan officer that you can meet in person or a local mortgage lender. Teaming up with a REALTOR who can work for you as a buyer's agent will also be key in the success of your home search. The loan officer will be able to determine if your payments are timely and which loans must be counted in the equation.

In addition to FHA financing there is also USDA which requires no money down with 100% financing in qualified areas and income levels. With the money you have saved, this may be the best program. Seller's assistance is also a possibility in closing cost fees.

Just:
1. Schedule an appointment with a REALTOR to talk about the housing process
2. Schedule a time to meet with a local lender who can determine the best financing program for you.
3. Give permission to the lender to talk to the REALTOR you have selected so that he can provide her with a preapproval letter.
4. Your agent will then begin the process of a home search based on the type of loan you will need to use, your criteria for a home and the price range you qualify to purchase.
5. Remember, if you purchase a home prior to 12/1/09 and settle prior to that date you will be eligible for up to $8,000 tax credit for the year ending 2009.

Only you will know if the time is right and remember, each time you write out that rent check you are paying someone's mortgage payment for them so it might as well be YOUR mortgage payment.

Good luck to you in finding your first home!

Ask a mortgage lender OR ask a realtor for a recommendation for a lender and find out the programs available to you and the rates etc. When you know the payment AND the deductions, you will able to make an informed decision. Happy hunting !

Great job on the savings and credit scores.

You can go to a bank website or search for mortgage programs and input your down payment, suspected interest, etc and it can show generally what you can afford for a home.

A mortgage loan office will be able to best help you with the best program that is right for you. Just a couple that I have recently worked with clients on is an RHD (rural housing development) loan that does not require a down payment but the property has to be in a certain area. FHA is currently requiring 3.5% down. They are both good rates with a 30 year fixed.

I can give you a couple names of loan officers and you can talk with them and see who you are comfortable with and may have the best program for you.

While they are working on the best mortgage program, we can work on the best home for you. Let me know what you are looking for in a home and I will send you all the current listings.

Let me know if you would like the contact information for the lenders or if you have any other questions.

Good luck! It is a great time to buy a home.

Kristi Ross
Coldwell Banker Success
608.235.8780
kross@cbsuccessrealty.com
http://www.cbsuccessrealty.com/ross

Congrats on the decision to purchase a home. The time to buy has never been as good as we have right now. Low interest rates, reduced home prices, and an $8000 tax credit from Uncle Sam!!!
One of the key components of purchasing your first home is finding a solid lender and a local realtor that knows the market. Those two components together will get you in the game.
If you have not talked to a Realtor yet on what the home buying process details I would recommend calling Chris Ubert. He resides in Sun Prarie and is a Realtor. He has taken great care of everyone that I have talked to. His contact information is

cubert@cbsuccessrealty.com
608-886-6600

Good Luck!
Duane. http://www.duanemurphy.com

Hello,

Congratulations on the great credit scores. That will certainly open up a lot more options for your home financing needs.

The first question I would ask is, how much do you have budgeted for a house payment - principle, interest, taxes and insurance? Knowing this, we can "work backwards" into how much house we can try to pre-approve you for. And, from there determine what type of loan would best suit your needs. An FHA loan might just be the best way to go. However, there might be several options and a mortgage professional could help you sort through them.

When pre-approving someone for a loan, investors will look at credit score, down payment, and your debt-to-income ratio. So, depending on how much that one income is, and what other bills you have out there - if any, will determine the outcome of the pre-approval.

I would suggest contacting a lender to get the process started. Pre-approvals are done at no cost and no obligation to you.

I'm available to help, if you would like. I am located in Appleton, and am licensed to write loans throughout Wisconsin. I've done loans for people moving here from as far away as Europe, so the distance isn't an issue. You can call me or go online to fill out a secure loan application. Whichever you prefer. The process should take less than 24 hours.

Let me know if I can be of service.
Take care.
Linda Williamson
Patriot Mortgage Services, Inc.
920-915-3242 http://www.patriotms.com