The Kinslow Team Serving The Greater Denver Metro Area

Hello Aurora Teacher,

Which school are you teaching at? Do you want stay in a neighborhood that feeds into your school? I just sent your question to a lender from Meridian Mortgage, hopefully he will answer your question here shortly. With what you're showing here for a credit score and expenses, you shouldn't have any trouble finding a nice home for you and your family. Have you looked into the Teacher Next Door program from HUD yet? You only get to use it once in a lifetime. There's very few qualifying homes to choose from, but if there's a home that you like, it's a great investment. I haven't pulled the list in a while, I'll take a look and see what's available. Meanwhile here's a link to information on the program:
http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm
You're looking at homes at what I think is a Great time to buy. In October and November there was a frenzy of Buyer's scrambling to get into homes before the First Time Buyer incentive ended. Many homes were getting multiple offers, it was a bit difficult for Buyers in the under $250,000 range for a few months They extended the first time buyer program and also added another incentive program:
http://www.federalhousingtaxcredit.com/

I am guessing their will be another Buyer frenzy during the spring where people will be trying to get into homes before the credits are gone for good. Right now there's a lull in the market, Seller's are getting discouraged because they feel they've missed their opportunity to sell...you should be able to find a good deal for the next few months. I wouldn't wait until spring when you might have a lot of other Buyer's to compete with.

I hope this helps, have a Great time searching for your new home,

Sandy Kinslow
The Kinslow Team
Coldwell Banker Residential Brokerage - A few minutes ago