Im a first time home buyer and have a few questions about mortgages and loans. I got an estimate that I can get a mortgage of 380,000 at 6.0% fixed for 30 years. Im defintely not taking out a loan for that amount because I couldnt make the payments. Between my car loan, and school loan I owe about 25k in loans. I dont have much money saved up in the bank only about 5k. I wasnt really looking for a home but I work in norhtern virginia and right now there are a ton of foreclosed homes for sale, I really would like to try to take advantage of one of these deals while there available. I know I can get a home loan where I dont have to put any money down and it can even include closing cost, is it possible to get a loan where all of that can be included plus my other 25k in debt or is that unrealistic. I clear about 2700 a month, what would you consider a good payment amount for a mortgage for me. My current loans and bills not including rent are about 700 dollars a month, that doesnt include normal stuff like gas and food. Also what type of info or paperwork do you have to have to go look at a house or too put an offer in? My main concern is still the loan but any help or suggestions for a 1st time home buyer would be appreciated. Thanks for any help
I'm not an expert, but have been in the market for my first home as well so I've done some research.
I would be totally shocked if you could get any type of loan w/ no money down and only $5k in the bank.
2 years ago, sure. Now, I highly doubt it.
In comparason, I clear around $2700/month, have ~$45k to put down, have very little debt ($5k on car) and credit scores in the 790 range and I only pre qualified for a $190k loan.
I would be totally shocked if you could get any type of loan w/ no money down and only $5k in the bank.
2 years ago, sure. Now, I highly doubt it.
In comparason, I clear around $2700/month, have ~$45k to put down, have very little debt ($5k on car) and credit scores in the 790 range and I only pre qualified for a $190k loan.
