My fiance and I are looking to purchase our first house. We have a couple of questions that we are looking to answer before we go in to a mortgage guy, just so we know what to expect. The area that we have found a place we like is USDA land so they have the USDA loan program going for the area.
So with the house price in the neighborhood being about 190000, do people really qualify for USDA loans with that kind of price with the income limits that the USDA has set? How could you possibly pay a mortgage like that? We are slightly above the income limit (at 85,000 combined). Could just one of us apply for the mortgage? We both have decent credit (high 600s to low 700s across the board). I make more than he does. I have about 500/mo in debts not including my car, which I have about 3 payments left on and could pay off right now if needed.
FHA is an option for us, but we'd need a downpayment for that and if we could do this without having to deplete our savings, that would be preferable. Thanks for any insight you may have.
