I forgot to add.....if you are first time homebuyers you should-have to ask about the first time buyer programs out there. One popular one now is a $7,500 tax credit. There are specifics on who qualifies for said credit but wanted to mention it so you're aware of it. Myself or most lenders will be able to provide more informaiton for you.

Maybe yes, maybe no. From the information you have provided I would think you should take a serious look at FHA loans. Last I heard they were allowing for down payments as low as 3.5%. The credit scores and work history are something you will want to share with a loan officer. Wells Fargo or Bank of America have some good programs....there are others but I've been having some success with loan officers at these two locations. 10-15 minutes on the phone with someone could get you headed in the right direction. No obligation. Good luck!!

thank you for all the answers, really appreciated it...... I was student before i got this job and i make only 26,000 a year, so you think how much could i get for home loan?...... my husband make about 45,000 a year but he has really poor credit score(530 credit scores)..... we want to make 3% down payment and looking for something that is not over $120,000......

Hi Gigi - I would defiitely talk to a local lender about an FHA loan. FHA loans allow a 3.5% downpayment and are usually a little more flexible regarding credit scores. The condo complex will need to be FHA approved and that has become much easier than in the past. If you need a referral for a quality lender, please email me at rsandin@carolinaone.com or give me a call at 843-209-9667 and I will be happy to refer one to you.

Best of luck and happy holidays,

Randall Sandin, rsandin@carolinaone.com
Charleston Pier Partners - Carolina One Real Estate
843-209-9667 (Direct) 843-202-8928 (Fax)

Here are a few lenders that I trust. Please give them a call and they will help answer your questions about getting a loan. FHA loans might be a good choice for but they will be requiring a 3.5% down payment starting in 2009. You can also mention that you will be shopping around for the best rates and terms. This will have them competing for your business. Please feel free to call (630) 865-4932 or email me at BobLittleJr@LittleRealty.com if you need some more information or if you need a buyer’s agent to work for you.

National City Mortgage
Helen Lau Viggiano
1001 S. Washington Street
Naperville, IL 60540-7400
Direct Line: (630) 637-4117
Fax: (630) 799-8026
Email: helen.viggiano@ncmc.com

Key Mortgage
Kris Patras
Home Mortgage Consultant
836 W. 75th Street #112
Naperville, IL 60565
Direct: 630.718.3484
Fax: 630.961.3692
E-Mail: mortgage@krispatras.com

Professional Mortgage Partners, Inc.
Mary Glavin
2626 Warrenville Road
Suite 200
Downers Grove, IL 60515
Ph: (630) 598-2320
Fax: (630) 729-6736
mary@promortgagepartners.com http://www.maryglavin.com

My best advise to you is to talk with a reputable lender and find out where you stand in regards to getting a mortgage. A good lender will be able to advise and guide you on what to do. If you should need any assistance in finding a condo I can fully assist you in all of your home buying needs.

Gigi-

A couple of things that the underwriter will want to know:
* What is the reason for the job gap?
* Were you a student?
* Can you get a non-occupant co-borrower? Maybe a parent?

If you have any questions on financing, please call me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

I would sit down with a loan officer . There are many things they look for. Your score is good so I hope they will find a program for you. Were you a student before you got this job . ? How much money do you want to use for down payment and closing costs ?