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buy our first home.

My wife and I are currently considering to buy our first home. We both have pretty good credit (730-740) and our combined income is $140,000.I'm a bit concerned because one, my wife was in school last year so there was no income. (She started working again September 2008)I was working, but made a lot less than I do now. (2007 - 2008 income of $55,000 vs current income of $75,000)The houses in our area are on the high end (near NYC) so we're looking at roughly a $500,000 house. (could be a bit higher or lower)We are planning a 10% down on the house (have about $70,000 saved, but want to keep a bit for emergency)So.. Now that I have spilled out my full background, i'm curious as to how easily will we be able to get a mortage? And if so, what are the rates going to be roughly, and what kind of documentation should we prepare for? We're going to actively look at houses starting next week, and hopefully close by september (our rent ends in october)Any help will be very helpful! Thanks! by marriedinmMD33 from Wicomico, Maryland. Sep 18th 2009 Reply


Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions

Good News! - This sounds like a great scenario. With credit scores over 720 you will qualify for great pricing. Interest rates are really low right now, have been for the past week (go to www.rate1st.com/rates to view). I like your 10% down option given the available funds. We can work out the job history and income. We just show proof that your wife was in school and underwriting will take her current income. If you have showed a steady increase in income over the past couple years, we can use the income. Especially if you received a pay raise of some kind recently. I'd like to speak with you ASAP. Our process times for purchases are fast! It will only take me 1-2 business days to produce a Pre-Approval Package to ensure that if you make an offer it will be excepted, as long as I have the documentation needed for approval! --- Respectfully, Brock R. Hicks, C.M.P.S. - Mortgage Planner / Loan Specialist - Direct: 949-287-4058 - Email: bhicks@rate1st.com

Sep 18th 2009
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Tim Simpson (Tim Simpson)
#5 ranked lender in Maryland - 6 contributions

Hello,It sounds like it can be done FHA. The pay wont be a major issue. Looks like around 3.5% down and about 5.125% interest rate. Let me know if you have any other questions.ThanksTim SimpsonLincoln Mortgage877-729-6662

Sep 18th 2009
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

There are seveal factors that will go into determining how much you can qualify for. It would probably be best if we spoke. Give me a call at 732-759-8189 x-102

Sep 18th 2009
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