Lady_Scarlet wrote:Appraisal no more than 6 months old - in this market I would want to see no more than 3 months old. To price a house I am concentrating on the last 30 days then out to 3 months.
waiting4credit wrote:I'm lucky, our market isn't declining. We didn't have the large increase in home prices that a lot of other places did, so there wasn't really a bubble to burst. I live in OK and we had a slow increase in values. Also, the house is in a really nice neighborhood and has a great view. We're doing a lease-to-own and have an agreed price of $115,000 in the contract. I put $3k down and about $500 a month of my payment reduces the principle.
I'm not sure what kind of loan would be the best for us. I don't know much about the FHA loan programs, but I thought you had to be either below a certain income level or a first time home buyer. I already have a home and we make way more than the state's average income for our family size. Also, I thought the price of the home we're buying is above the requirements. The last time I checked our credit (mid-November) we were both just below 600. What I want is a mortgage with no or a very low down so that I can keep my other house to begin a rental business. I want fixed monthly payments (none of that adjustable business.) We had a very low DTI--I think it was about 10% before we began leasing this house ($1000 month) and got a secured loan for $4500 to pay off a bad credit card. I have some student loans which will I will owe for a month this summer and then they will go into deferrment again for at least three years.