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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