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Posts: 3
Registered: ‎02-11-2008
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FTH buyer - what can we expect?

[ Edited ]

 

 

 

My scores: TransUnion: 780/Equifax: 776/Experian: 776

Fiancé: TransUnion: 786/Equifax: 790/Experian: 790

The downlow:  we’re perspective FTH buyers.  We’ve been @ the same job for 6 & 7 years respectively, have no credit card debt & a single car payment of $236 with 19 installments left…we have no other debts.  Our combined annual gross income is approx:  $100k.  Homes in our area (eastern Massachusetts) cost approx. $330-$360k.

We’ve saved enough for a 10% down payment ($36k) + closing which will leave us with approx. $12k in liquid savings as a cushion.  We also have approx $60k combined in our respective 401Ks.

 

My concerns for qualifying for a mortgage are this: 

1 - we want to both be on the mortgage but we’re not married (does that matter in the eyes of the lender)?

2 – the fiancé is pregnant & will be on maternity leave for 3 months & receiving just 60% of pay during that time.  The $12k we have in savings will cover our expenses during that time.   However, we’re looking at buying a home before the ‘lil one arrives (this fall).  Will the fact that we’re pregnant be factored into the lenders formula for approval? 

3 - Finally – with less than 20% down, how much can we expect to be approved for & what kind of rates can we expect to find?  Should we look for a piggyback loan (are lenders still doing those?) or single loan & pay PMI?  Also, how much higher will be rates be for a 90% loan vs. a 80% loan (I guess I'm wondering how much we'll be penalized for putting down less than 20%)

We’ve never been through this process before & any help or suggestions offered would be greatly appreciated.

 

Thank you all in advance!

 



Message Edited by Yoda14 on 05-12-2008 10:24 AM

Message Edited by Yoda14 on 05-12-2008 11:56 AM
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
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Re: FTH buyer - what can we expect?

1. You don't have to be married to buy a house together.
I have done them for brother/sister, mom/daughter, lifepartners, ect.
 
2. Pregnancy is not an issue. And no need to bring it up, I don't think.
 
3. Get options from your lender and bring them here so we can go over together.
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