Great question, Jarrod! I know someone in Vincennes who can help you. Also, a trusted realtor in the Vincennes area will be able to recommend a good mortgage broker/lender. First-time home buyers can receive a tax credit (up $8,000 from $7500). If you shoot me an email, I'll get you that local realtor for you.

So, begin with the realtor and ask for some recommended mortgage professionals. Once you find the best lender/broker for you, they will tell you your range. Begin your home search, schedule showings, and you'll be unpacking those boxes before you know it!

That depends on how much money you have to put down, what your credit rating is and what amount of payment you can handle along with your other bills and payments like gas, utlities, food, etc. The newly passed stimulus bill will help you and I recommend you first get an idea of how much of a loan you could get and get yourself pre-qualified. Then find an agent to work with and let them guide and help you find the right place.
Its a terrific time to buy as a first time buyer, good luck!

Well, I would need to know what your other expenses were? Do you have school debt, credit cards, installment loans, etc etc?

Look at it this way... $100,00 loan @ 5.5% your PI would be 567.79 now add Mortgage Insurance, Taxes and Homeowners insurance and you would $717.79 assuming all 3 were $50/pc. Which I doubt they would be!

I would suggest you call a mortgage broker and discuss your options with him or her, for more information you could go to my blog @ http://www.madmortgagemachine.com

Dave Woodson
Indiana FHA Expert