1st time buyer, Average credit, 4years work history, wife same and has excellent credit. Looking for anything under 175K, we have 10K dwn, possible?

Asked by James, Texas Fri Jun 28, 2013

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Fri Jun 28, 2013
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Melissa Goss, , Center Moriches, NY
Fri Jun 28, 2013
Very possible... but without knowing your actual credit scores, I cannot determine this.

Now, you have $10,000 down, but do you also have another 10k for closing costs? Closing costs vary from state to state... so sit down with a lender and discuss your down payment, and closing fees. There is a lot involved.

You could probably put less down as well with a 3.5% FHA loan. However also weigh in that FHA loans now require PMI insurance to the life of the loan... if you do conventional you can get rid of PMI if you put 20% down. You can put less than that down of course with conventional, but the more you put down, the closer you gain to being able to rid yourself of PMI
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Mine is 675 hers is 750. As far as closing fee's the most we would work with is about 15K (down, closing, etc) I'm not sure what PMI is honestly, 1st time "poteltial" buyer. 20% down would be doable if we can find the right price range..
Flag Fri Jun 28, 2013
Michael Cheng, Agent, San Jose, CA
Fri Jun 28, 2013
It's possible, but it will be difficult. At that price point, you're competing with cash investors or buyers with large downpayments.
Web Reference:  http://www.archershomes.com
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