Hi everyone,
I've been perusing these boards for the last few days and I was hoping someone would have advice for my situation.
My husband and I are in the process of buying our first home. We both are entirely clueless about the process and are hoping we're doing this the right way.
We both have excellent credit scores - my mid is 802, his mid is 795. We make over $100,000 per year. The thing is, we don't have much money to put down. Right now we have $8000 in our savings account, which we would like to hold onto as much of it as we can to use for the house itself, when we get into it. We are hoping for 100% financing incl. closing costs, or 80/20 ideally, if we can get it.
Right now we are pre-qualified for 100% financing through Foxtons and Countrywide. We've heard bad things about Foxtons, so we (thought) we decided to go with Countrywide. Right now we only qualify for the 100%, but not the 80/20 as my husband does not have enough lines of credit. I added him as a joint holder on one of my accounts, and he has applied for a CC of his own. Countrywide told us that once he has his accounts for 30 days we will qualify for the 80/20.
We found a townhouse that we like and made an offer of $260,000. We don't expect an acceptance, we're hoping to get the house for $265,000. We're looking to close on October 31, so there is still some time.
Reading all the news lately has gotten me really scared about using Countrywide for this. What are our options here? Do we cross our fingers and stick with Countrywide, or should we shop around some more? If so, who should we inquire with? (We tried calling GMAC and were entirely unhappy with the customer service we received, so they are out.) We're scared we won't be able to get a mortgage because we don't have anything to put down. I am also concerned about too many hits on our credit, that would bring our great scores down.
Opinions or suggestions?
Thank you so much!
