And Folsom is not a cheap area and you will be hard pressed to find a decent property for that much. I would suggest looking in Orangevale in the range of 175-200k.
Since everyone else is pimping out their loan office I will to: Dan Tharp - Vitek Mortage @ (530) 753-7644 Ext 305. He's awesome, and this is coming from a buyer, not a real estate agent.
It sounds to me like your ratios might be pushing it just a little-even if you have no debt whatsoever. The best thing to do would be to talk to a mortgage professional to figure out the maximum amount of house you will qualify for . Alot of the 100%, interest only, option arm products have gone away with the subprime mortgage meltdown. I would talk to a loan officer, If not a couple, to find out what the maximum amount is that you will qualify for. I would be more than happy to answer any questions for you over the phone or e-mail. Good Luck with everything!!!
Senior Loan Officer
Ask yourself this - IF there are people out there making over $250,000 a year/a month/a day, what's stopping me from doing the same?
If you and your fiance really want to live in Folsom, you'll either have to settle for looking at older homes in the shady areas, or consider buying a condo. $200k won't go very far in Folsom, but it will allow you to purchase in many other areas......if you want to make an offer from a position of strength, get (or save) your down payment AND have another $5000 available for a combination of closing costs/reserves.......I'm working with approximately a dozen borrowers who are credit approved, but are getting out bid when making offers because they don't have the down payment that sellers are looking for these days. Though it's a buyers market, attractively priced homes in the low $200k range are getting multiple offers these days!
Good luck and let me know if I can be of more assistance to you!
I hope it works out for you to buy now. However, if it does not and you want to stop wasting your rent money, call me. I specialize in Rent-to-Own if you can't afford to buy right now but are willing to work to get your credit in a position to get ready to buy all the while not wasting your complete rent and building a down payment. I'd love to help you even if it is possible for you to buy now.
Keller Williams Realty
Keller Williams Realty
I agree with Brent...definitely speak with a good loan officer. I highly recommend Marlena Olson with the Vitek Mortgage Group at 916-486-6900 or firstname.lastname@example.org. She is very well versed in grant programs, special financing options for first time buyers, and downpayment assistance, etc. Good luck to you as you begin your search.