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Please help a first time home buyer!!

My wife and I are looking to buy our first house. Our combined income right now is $135k, but will jump to $162k in April. We both have excellent credit 739(hers) and 769(mine). We have been at our jobs for 2+ years and have zero debt except student loans($550/month) and a car lease of $298 a month. We have no credit cards bills, only what we charge during the month and then it gets paid off. We live in my wifes aunts house so we don't pay any rent.We have about $95,000 currently in Liquid assets (Cash, IRA, and Stocks) that we are willing to use for the down payment of our house. We would be comfortable with a Total payment of ~$3500. If we find an outstanding house we would go slightly higher.We are looking at a house that is $570,000 with taxes of $9,000 per year.Is this doable for us? We are planning on using a 30-year fixed rate mortgage. by newportsurfer555 from Newport Beach, California. Dec 30th 2009 Reply


Cristina Romero-Graham (Cristina Romero-Graham)
#113 ranked lender in California - 4 contributions

Based on the information you stated both credit scores are above 720 and that's pretty good, also having a high income with low debt will allow you to select from different types of mortgage programs. Remember choosing the right program is also essential. As a First Time Home Buyer you may have lots of questions. I would like to assist you and your wife on the many options available to first-time buyers. Always remember that buying your first house likely represents the greatest financial commitment you have ever made. My name is Cris Graham and I would like to help you and your wife understand how much you may be able to borrow. Please call me at 714-978-2855 or 714-726-1655.

Dec 30th 2009
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Hans Bruhner (Hans Bruhner)
#129 ranked lender in California - 116 contributions

First of all, I see you are in Newport Beach and the loan limits for FHA and conventional loans in 2010 is $729,750 so you are safe there.Next, the taxes are currently $9,000/yr. and so it sounds like you are looking at a foreclosure or REO sale. The good news is that your taxes will likely go down to approximately $7,100/yr. sometime after the sale. The new tax amount will be retroactive to the day you bought the house.Call me at (866) 385-1650 or email me at hans@hansblog.com or stop by my web site at www.AskTheLoanman.com

Dec 31st 2009
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Andrew Vierra (Andrew Vierra)
#116 ranked lender in California - 12 contributions

You look like you have lots of options based on your high income and low current debt. FHA financing with a 30 year fixed-rate mortgage is the easiest option. One good thing with FHA is that with less than 20% for a down payment, the monthly mortgage insurance is much less than if you use private mortgage insurance (PMI). You also can put as little down as 3.5%. Whether you go with the minumum down, or the entire $95K, you shouldn't have a problem qualifying (based on what you've stated here). Keep in mind that the loan limits vary by county, so it's important to find out if your loan amount can qualify for FHA High Balance financing. If you're in Calif., I'd be happy to help with your financing. Reach me: Andrew Vierra--916-947-4888.

Dec 30th 2009
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