First Time Homebuyers...do we qualify?

[Anonymous]

I don't really know..I don't know if it's because it's not include on the weekly checks. It's usually cash pulled from a pot or something.  My husband is on the deed to the house we are in now but his mom and aunt are also on it so don't know how we could use that as income if we were to say we are going to rent it ou.

[Junejer]

Kind of in a pickle. The first thing to do is get those scores up. Once that happens, your options open a bit. So, that's job one.

Provide W-2s, T/Rs whatever you need to in order to get that $1,000 per month to count.

[Anonymous]

how does the scores going up help us in getting more/better home if the ratios are still the same? seems we have done everything that we should be to get this far only to be told it's still not possible. it's not in me to settle just because someone tells me no without seeing the whole picture. I literally have $3k left every month to make it and more and it's not like I am trying to get in over my head. I just want something that's a little better. I can't believe how many people we have come across who make less and owe more but yet got into a big note and can't make it and complain yet they did it. Crazy to me!

[Junejer]

I hear you. I am glad that you are tenacious. Don't ever take no, if you know that you can do better.

The reason that the higher scores are important is b/c that opens up more opportunities for someone to want to lend. Trust me, I was much more open to stretching the rules for my clients when the FICOs were higher. Rates are better (lowering monthly payment). Ratios tend to expand (provided you're not in a guvment program).

[Anonymous]

Okay I see what your are saying. Well seeing as my lender wants me to do FHA looks like the ratios are going to stick either way/even if credit score is better. He said in order to get more home then the ratios would have to go higher and that only happens in conventional which he said we can't get unless score is in the 700 or close to it.

[Anonymous]

what is the difference between conventional and fha loans?

[Anonymous]

What are the property taxes in Texas like?

(I'm in California.  We only pay 1% of the purchase price, which is fixed for as long as you own the house.  So a $100,000 purchase price would have $1000 in taxes a year.)

[Anonymous]

We don't have state taxes .Texas has only local property taxes levied by local taxing units

[Anonymous]

The 1% property tax here goes to the county, not the state.  I was just curious to see what property taxes are like in Texas.  I heard they are high.

[Anonymous]

oh they are. depending on the area..the area we are in is between $1400 and $3500.