Starting to look in to buying a house

Asked by Erin, Daytona Beach, FL Sat Jun 9, 2012

We are starting to look in to buying a house. A couple things first. I think we would only put down my fiance on a mortgage loan ( hopefully FHA) because I have awful credit. We could save money for the down payment on an FHA loan if you really only need 3.5%. He makes 47,000/year, if we were to use my income as well it would be 31,400 although I just started at this job. His monthly debt is around 740/month. We currently pay 854/month in rent and would like to stop throwing our money away. He however isn't sure we could even qualify for a loan and get a nice house that we could stay in for a while. Based on those caveats, should we look in to buying? I wonder if there are 1st time home buyer programs out there as well.

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5
Elliott Hago…, Agent, New Smyrna Beach, FL
Sat Mar 30, 2013
I have the BEST place for you to start- do not listen to anyone else before checking into this GOVERNMENT program YOURSELF. All i ask is that if you should qualify- remeber who pointed you in the right direction- when you qualify- come back to me to help you find the HOME of your dreams for you and your FAMILY.

If you can qualify for the direct program great- though based on what you've said- likely the Guaranteed Program will be your best best- look into both!

Info via the web reference provided- also- please feel free to thumbs up my answer and or "recommend" me:)
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Feb 9, 2013
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Erin,

Look at #2, #3 and #4 below

Then please email me at Steve@pro-option.com with the one(s ) you'd like more info about:

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

3) 99% LTV- FHA

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
0 votes
Rick Hose, Agent, New Smyrna Beach, FL
Sat Feb 9, 2013
Hi,
My name is Rick Hose and I'm with Exit Martin. I would suggests getting a Great Realtor to walk you through this process. I enjoy working with first time home buyer. I also work with military and special needs families.

Hope to talk soon,
Rick Hose
386-527-5358
rick@exitmartin.com
https://www.facebook.com/ExitRealtyFl http://www.hesellsflorida.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Aug 17, 2012
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Start packing for the move!

But try to avoid FHA as it is not all that everyone thinks it's cracked up to be!

In fact, it is actually a very costly loan when you factor in the 1.75% (points) in financed MIP and then the extra monthly payment in FHA Mortgage Ins.! I offer FHA loans, but only as a last resort.

Look at these alternative loans with less money down and/or No monthy PMI payment: http://www.pro-option.com

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0 votes
Maggie Hawk, Agent, New Smyrna Beach, FL
Sun Jun 10, 2012
Erin,

The USDA's rural development programs that Elliott mentioned might indeed work for you. You can get specific answers to all your mortgage questions by talking with a lender about these, and other, types of mortgages.

You can find a mortgage professional on Trulia. Just go to the top of the screen, put in the area you're interested in on the left, then slide over to the "Find a Pro" button on the right, and click on "Mortgage Brokers or Lenders."

Good luck with your home search.
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