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I would just like some recomendations on a good book to read regarding buying your first mortgage. I would like to become more familiar with my options and have a good understanding what kind of leg I have to stand on when applying for my first mortgage. Also interested in reading about closing cost, points, what is the right amount of commision %'s to be paying a realtor, etc.
*Expecting to apply for this mortgage on my own. My fiance will be an RN in 2 years and will bring in min. income for the next 2 years. So basically I just need to hold down the fort for a couple years and we should be in really good shape. Also, my job is really secure and I expect a raise/commissions to start in late 2009. Probably an extra 10k-20k/year.
If anyone has any advice regading the above infomormation I open ears. I'm looking for the smallest downpayment possible. Any advice on what kind of shape you think I'm in and what kind of loan programs would be best for me would be appreciated.
@Anonymous wrote:I would just like some recomendations on a good book to read regarding buying your first mortgage. I would like to become more familiar with my options and have a good understanding what kind of leg I have to stand on when applying for my first mortgage. Also interested in reading about closing cost, points, what is the right amount of commision %'s to be paying a realtor, etc.
- Credit. Trans-709 Equ-704 Exp-751
- Income. 48k
- Source of income. Technically self-employed for 1.5 years for the same company that I'm now employed at for the last 8 months.
- Monthly debt payments. $618/month. 30k student loans, 22k boat
- Employment. Answer in question #3
- Assets/Reserves. 0. Setting up a 401k in Febuary.
- Location. Minnesota. Anoka, Wright, Sherburn County potentially.
- Property. Single Family
- Value. 140-175k
- Occupancy. Primary residence
- Transaction Type. Purchase, 1st home
- Savings:10k
*Expecting to apply for this mortgage on my own. My fiance will be an RN in 2 years and will bring in min. income for the next 2 years. So basically I just need to hold down the fort for a couple years and we should be in really good shape. Also, my job is really secure and I expect a raise/commissions to start in late 2009. Probably an extra 10k-20k/year.
If anyone has any advice regading the above infomormation I open ears. I'm looking for the smallest downpayment possible. Any advice on what kind of shape you think I'm in and what kind of loan programs would be best for me would be appreciated.
One of the things I would do is check to see if your eligible for downpayment assistance through your local hud office. If your fiance will be going to school to become a nurse you can put down your supporting her 100% which will give you a better chance to qualify for the $ since it's income dependent especially if she doesn't get a job till after you close
I'm going to look-up the HUD website and see what information I can find, thank you for the advice. Is this something I should be looking into before I start looking for a mortgage?
@Anonymous wrote:I'm going to look-up the HUD website and see what information I can find, thank you for the advice. Is this something I should be looking into before I start looking for a mortgage?
Yes these grants require you to go through first time home buying classes which usually for the most part are free (you pay for the book ($15-50). These classes are great and tell you what to expect and show you what happens from beginning to end. They will also council you to make sure you have the credit to finance a home as well as steer you in as many programs you may be eligible for. Just click on the link to the right on huds website that says find a local office. One thing to keep in mind that these programs are used alot even though many people don't know about them so it's possible when you call they may not have anymore funds but they get them every year. Good luck
I would also recommend coming here and reading up on the threads. I have learned SO MUCH on here. Without the awesome posters on here, I would not have any clue what to expect. Now, anything that comes up in our process, I pretty much can answer and understand it!
You can also check out the USDA Guaranteed program. It is an EXCELLENT program and has 100-102% financing.
http://www.rurdev.usda.gov/mi/
You can always post specific questions as well, and expect a wealth of free advice.
Good luck with your home buying.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
I'm still looking for good advice and here is some more information
Min. Payments:
Boat-$273
Student Loans-$344
C.C-$0
Thanks!