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First time home buyer...help!

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First time home buyer...help!

who do I talk to about the type of loan that would be best for me? There are so many that sound great but which one would be best..Im really considering the usda loan, but I may be over the income restrictions. I need one that doesn't require 20% down. Thank you for any helpful advice!

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Established Contributor

Re: First time home buyer...help!

You're probably looking at a FHA loan, they'll go down to 3.5% even with a mediocre credit score.

 

Conventional loans also will do less than 20%, but have more hoops to jump through.  Stuff like CS, job stablitly, income, and ratios.

 

Search this forum using keywords, PMI, Debt ratio, downpayment.  You'll find enough in a short time to keep you busy.  Some of the results might be dated, so note the dates.

 

 

Message 2 of 3
Contributor

Re: First time home buyer...help!

Speak to a mortgage lender. Google some and look for reviews. Contact one or two and ask them all the questions you feel like to need some clarification on. They will ask you questions as well. You can do a lot of research of your own as well, here on the forum and also by googling stuff. Thats what we did, we learned mostly everything we know searching online and we feel like we are pretty informed. We are also first time homebuyer hope to buy on a home on a fha loan. I started a thread a couple of months ago to document our progress, but there are other very informative threads on here as well!!

01/15 EQ 663 TU 669 EX 674 09/14 EQ 653 TU 635 EX 651
10/13 EQ 579 TU 580 EX 598
BoA 1.5k I Cap1Sec 0.6k I Cap1 QS 6k I Synchrony 1k I Barclays 1k
- Goals - Refi car loan 24% to 15% 12/13
Buy a home spring 2015: in progress; Pay off car loan spring 2016 balance $6200
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