Hi everyone,
Me and my significant other have been thinking about getting a house instead of paying into rent year after year. I was hoping to get some advice from you guys to see what's feasible and if we can get a house where we live.
Area: Bay Area, will look into Morgan hill area due to cost
Type: new construction hopefully
Price: I've seen nothing below $800K
Combined income: $200K
Debt: wife has student debt of about $250K and paying around $600 per month for now. I don't have any debt
Savings: about $60K
First time home buyers
She's been with her company for about 6-7 years and I have been with my company for about 1.5 years.
My fico scores are around 750 and hers around 690
The only credit we might open this month is the Barclays Apple finance card to get a computer, which I plan to pay off in 6-8 months.
So what is possible in our case? I know we don't have a lot of down payment and I'm not even sure if 5% down payment will be possible in our area.
Should we wait longer? (Our plan is to get a house around November of next year).
Any advice is appreciated! Thanks!
Me and my significant other have been thinking about getting a house instead of paying into rent year after year. I was hoping to get some advice from you guys to see what's feasible and if we can get a house where we live.
Area: Bay Area, will look into Morgan hill area due to cost
Type: new construction hopefully
Price: I've seen nothing below $800K
Combined income: $200K
Debt: wife has student debt of about $250K and paying around $600 per month for now. I don't have any debt
Savings: about $60K
First time home buyers
She's been with her company for about 6-7 years and I have been with my company for about 1.5 years.
My fico scores are around 750 and hers around 690
The only credit we might open this month is the Barclays Apple finance card to get a computer, which I plan to pay off in 6-8 months.
So what is possible in our case? I know we don't have a lot of down payment and I'm not even sure if 5% down payment will be possible in our area.
Should we wait longer? (Our plan is to get a house around November of next year).
Any advice is appreciated! Thanks!
@Anonymous wrote:
Hi everyone,
Me and my significant other have been thinking about getting a house instead of paying into rent year after year. I was hoping to get some advice from you guys to see what's feasible and if we can get a house where we live.
Area: Bay Area, will look into Morgan hill area due to cost
Type: new construction hopefully
Price: I've seen nothing below $800K
Combined income: $200K
Debt: wife has student debt of about $250K and paying around $600 per month for now. I don't have any debt
Savings: about $60K
First time home buyers
She's been with her company for about 6-7 years and I have been with my company for about 1.5 years.
My fico scores are around 750 and hers around 690
The only credit we might open this month is the Barclays Apple finance card to get a computer, which I plan to pay off in 6-8 months.
So what is possible in our case? I know we don't have a lot of down payment and I'm not even sure if 5% down payment will be possible in our area.
Should we wait longer? (Our plan is to get a house around November of next year).
Any advice is appreciated! Thanks!
Hi Tmann,
Unfortunately the conforming loan limit in Santa Clara county is $625,500 for both FHA & Fannie Mae. Anything over is considered a jumbo loan which are typically more difficult to qualify for.
You may need as much as 10% down or more depending on the lender & the overall strength of your file/application.
Since you're not planning to buy until next November you have plenty of time to work on saving more money for the down payment (& reserves) as well bringing up that 690 score to something over 720 to improve your chances of an approval.
Good luck.