Hello all. I am a potential first time homebuyer who has been procrastinating and I am bogged down with a ton of information from the web. My inquiries have brought me here to this valuable site and I am hoping for some advice. After many years of cleaning up my credit my fico average is 815. I have no debt so debt/ratio is good. Car paid off, credits cards all good. I've been at my job for 20 yrs and income of around $96,000. Really more but I cannot use my hubby as his credit is shot. Rent is $2,200 per month. I don't have much saved for a down payment, around $25,000 but I am still saving. I can borrow $10,000 from an old IRA without penalty but it would be counted as income. Or I can borrow from my 401, again $10,000 as a first time homebuyer. Do I even need to do this? I have been frozen in procrastination but tired of paying my landlord's mortgage and I am ready to invest in my family. Is this doable? with the low amount I have saved? The interest rates are at an all time low right now; or should I continue to hold off until I save more? Should I go conventional or FHA?, mortgage broker, credit union or bank? Any advice would be greatly appreciated. Lease expires year end.
