First Time Home Buyer.. QUESTIONS!

**nellyshelly** · 03-02-2008, 08:39 PM

My boyfriend and I are wanting to buy our first house. My first question is.. do you think we have a good chance of getting preapproved if we applied right now?

My credit is good (713). I am working part-time now, but in May I will be full time. I make 13.75 an hour. I have student loans, a car payment ($216/m) and I have been working at my job for 1 year and 9 months.

My boyfriend has not bad, but not good credit (609). He has been working at his job for 6 months, but has been in the same field for several years. He makes $16 an hour. He also has student loans, a car payment ($370/m) and some credit cards he is paying off.

We are wondering if you think we will get preapproved in our condition now??

Our next question is... if we do get preapproved..our price range of houses we are wanting to buy are from $105,000 to $115,000. Do you suspect we will get that much??

One last question..

If we DO get approved for that amount, how do we go about finding a good realtor to get us a house that fits our needs?

If you could help me out I would REALLY appreciate it (we know nothing of realty and buying a new house) Thanks

**carlam** · 03-03-2008, 04:08 AM

There are some good 1st Time Home Buyer programs available. Shop for a couple of mortgage lenders to find out what kind of programs they offer. They should also be able to help you figure out what you can do to make your credit worthiness even better. There are no costs upfront to see if you can get a loan for a home.

As for an agent, ask family or friends for a referral. A good agent has loyal clients!

Good luck in your home search, and enjoy the process!

**bronsonb** · 03-04-2008, 10:11 PM

FHA seems to be a good option for buyers these days. I would look in to that first. As far as getting a realtor you need to go to propertyinfodirect.com for some good information for first time home buyers. Well worth your time.

**Mike Taylor** · 03-05-2008, 04:37 AM

Your credit is good, your boyfriend's is a little shaky in the low 600's. As far as how much you will qualify for; most lenders will let you get close to 50 - 55% DTI (debt to income ratio). You really need to speak to a local broker and get prequalified.

**hasslefree** · 03-05-2008, 01:44 PM

I would look into an FHA loan usally they allow a higher debt to income, also if you wait until June to get approved they will use your current income (full time).

**bramlettmedia** · 03-12-2008, 06:29 AM

I agree with Mike Taylor. Its all about debt:income ratio. Good luck

**TobyMunk** · 03-12-2008, 09:02 AM

If you are relying on both incomes to pay the bills and mortgage you are really putting yourself into a potentially tricky situation.

Not trying to play councilor but think through the risk of being stuck with the home on your own salary. Could you handle that?

What about down payment. It helps a great deal to have 5%-10% to put down. Mortgage deals become a little easier that way.

**VancouverWa** · 03-13-2008, 11:06 AM

I would first get in contact with a Realtor. Ask friends and family members first. Most Realtors have lenders that they trust and trust with thier clients.
Stay away from the on-line lenders. You want someone local.
Lots of programs out there. A good Realtor should be able to put you in contact with a provider. I just helped a USDA approved client get into a home. USDA, the meat inspectors, do first time home loans-crazy..

Happy house hunting!