This is the worst possible time to re-enter the market. I am looking for the best options for homeownership for my young family. I am pretty sure FHA will be my best option. I am researching FL downpayment programs as well.
I am entering 3 years post short sale in Oct 2016. My husband lost his job and we lost a sufficient amount of income three years ago. He found a position 6 months later in central FL so we relocated from GA and short sold our home. My husband will not be on the mortgage due to credit issues.
My credit scores: Exp: 683, Trans 690, Equ: 674 via: Navy Fed credit pull
My income $5600 per month w2 two years current position and over 10 years in the field.
The worst part student loans $124,000 ibr $150, public service cancellation in 8 years
Debt:
Navy federal cc $215 per month 11k balance
Navy federal cc $59 per month 2k balance
3 cap ones all zero balance
teacher credit union card zero balance
Savings:
6K cap one 360
2k credit union emergency savings
10K 403b
I know my student loans are a killer. I hope to purchase a newer construction home for 150k-200K in central FL. I will consider cheaper townhomes in order to reduce budget and upgrade in 2-3 years when my husband can repair credit or if ibr is considered for homebuyers.
Can I qualify and what is a good budget for my income? Lasty, when should I talk to lenders?
