Ok so we have been looking for a house to buy now for 4 to 5 months and haven't found the right one up until now....
Gross Annual Income = $24,182 (can';t count my OT or commission so have to use my hourly pay)
Downpayment = depends = Florida are offering $7500 on bond program for assistance with downpayment + closing costs
$0 debt to my name.
Fico score = 690 (no baddies just short credit history 2 years)
We were pre approved for a mortgate of $87k and today we looked at a foreclosure being offered by Fannie Mae for $98k.
Now then NFCU are offering up to $2.5k credit for fees + closings costs and Fannie mae are offering 3.5% cashback to pay for closing costs also on the house.
Which would free up the majority of the $7500 bond program for downpayment right?
I'm going back to NFCU tomorrow morning to see if I can twist their elbow into giving me the pre qual letter to submit with an offer for around the $96k mark.
The house is in fantastic condition and is a steal at current list price.
My parents can free up cash if needed to get me into the house, I'm just wondering what other peoples thoughts are on my situation and whether I am taking on too much?
