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hello everyone
as my family is growing I am now looking into possibly getting out of rent
how can I determine the amount I could potentially qualify for on my own
I understand there are many different types of loans and terms
I was just looking to a simple way to gauge what I can buy based on my salary and current fixed debt
my apologies if this was discussed already
BK7 Discharge: October 2004 Starting Score: 590 March 2018 EQ & EX & TU FICO Score: 846 & 847 & 850
Goal Score: 800+ across the board | Goals Hit: 3 Active Cards: 2
Gardening Since: October 2015 Garden Goal: Oct 2018
Wish List: | None
And if I may add
what are the options for a first time buyer if I don't have 10 percent as a down payment
BK7 Discharge: October 2004 Starting Score: 590 March 2018 EQ & EX & TU FICO Score: 846 & 847 & 850
Goal Score: 800+ across the board | Goals Hit: 3 Active Cards: 2
Gardening Since: October 2015 Garden Goal: Oct 2018
Wish List: | None
@pokerpro wrote:And if I may add
what are the options for a first time buyer if I don't have 10 percent as a down payment
You have options as a first time homebuyer (everyone is considered first time if they haven't owned a home in 3 years or more). The cost to close is more than just the down payment - there are one time closing costs and pre-paid expenses due at closing too. Also with a high LTV you will have to have an escrow account for your real estate taxes and homeowners insurance and mortgage insurance where applicable.
1) FHA has a down payment requirement of 3.5% rather than 10% and all of it can be a gift
2) Fannie Mae has a new conventional loan program with 3% down
3) VA loan if you are a Veteran
4) USDA loan if the area you purchase in is a qualified area http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
5) Conventional loan from 5% down (other than the special Fannie Mae 3%)
There are special state and county programs available for you depending upon your income. Search for "___________down payment assistance" and put your county or your state in the blank.
The sources for you to pay your closing costs and pre-paid expenses include
1) You - through savings or 401k type withdrawal's or borrow from your TSP or 401k
2) The seller if you negotiate it right in the contract up front (this depends on your market)
3) The lender - but your interest rate will increase slightly to get the funds to pay for some or all of your costs
google affordability calculators