First Time Home Buyer

[goat]

Ok how is the market out there for a first time home buyer.

I am looking around now that it may be a good time to buy. I have fairly strong credit, looking to budget in the well below 25% of my gross monthly income etc...can afford a bigger house/payment but see no need right now. I will not qualify for the Uncle same assistance based on the income limitations...etc..

I plan to put 10% down...is this still feasible...I would like to put down 5% but have heard that is tough nowadays...have enough that I could put down 20% if need be but the few places I have look at are priced well below appraisal and have been on the market for a while so I am looking at something short term and then potentially a rental property so dont really need to much equity in it off the bat. Anyway....what is the mortgage market like today....how hard is it to pre-qualify...and what types of loans are still out there?

 

[ninerhorn]

market is tighter in the sense that niche loans are basically gone.

95% is available but as with any loans, the higher the loan to value the more closely it will be scrutinized.

If you are W-2'ed, you should be fine.

feel free to email me with any questions. I am happy to answer anything you have,


[email protected]

good luck

 

[wherzwaldo]

Some banks (but not very many) still offer 3% down.

 

[ninerhorn]

that would be a little odd since Fannie is not currently buying them.

what banks would these be?

 

[wherzwaldo]

One of the credit unions I am considering. So maybe not a "bank" in the technical sense.