mortgage questions

[bmoore15]

So my fiance and I are getting married in November and would like to be able to buy a house instead of having to rent. We are both still in college but I will graduate in December. Because of this we don't have full time jobs yet. She is a teller at a bank so we talked to them and they said we wouldn't be able to get a very high mortgage, probably around 38 thousand. Her bank is a small local bank though. Now all we really want is around 50 thousand for a mortgage. So where would be the best place for use to go to get a mortgage for young, first time home buyers? I used to always see commercials for Lending Tree, is that credible or should I stay away from anywhere like that? Any help and insight is much appreciated. Thank you.

 

[BOSS]

Some cities have programs where they can help you as a first time homebuyer. You may want to touch base with them and see what assistance they might be able to offer.

 

[YoLaDu]

if you pick a realtor, he/she will often recommend a mortgage broker that they have had good experiences with.

Not sure that is always the best way, but it worked out for us.

 

[bmoore15]

I'm in the Wichita Falls area so housing prices aren't very high. Fifty thousand can get you a decent first time home.

 

[scottsins]

Send a PM to ninerhorn. He did a re-fi for me and is great to work with.

 

[Gordon Shumway]

you have no business buying a house right now. anyone who encourages you is just flat our wrong.

 

[HoustonHorn93]

You should not be buying a house right now. There are stages in life when renting is a good thing. This is one of them. Rent for a year or so, payoff those student loans (if you have them), credit cards and reevaluate once you've saved up some cash and been working steady for awhile.

 

[bmoore15]

We luckily don't have any students loans right now and have a sizable amount (10,000+) for a down payment on a house. We also only have credit card between the two of us and that gets paid in full every month, never made an interest payment on it.

 

[Smurfette]

I don't see any reason not to buy, especially when the amount is so low. That's the kind of house you can live in a few years and then rent it out to cover the mortgage.

Our realtor was able to give us really good advice about Lenders.

 

[AustinTejasFan]

Don't forget about the $8,000 tax credit for 1st time home buyers. The Link

 

[UnBiased Horn]

Are you going to be in Wichita Falls for a few years or are you going somewhere else after you graduate? WF is not a great investment home place, could very easily see a decline in home price.

 

[bmoore15]

We are going to stay in the Wichita Falls area after graduating. The $8,000 tax credit is great but I don't think it can help us to get a mortgage can it?

 

[ninerhorn]

The $8000 can be applied as part of your down payment if you do an FHA loan.

Sounds like you have your finances under control. With that size purchase price, most wholesale lenders are going to have a rate adjustment for a smaller loan amount. That may mean your best option is going thru a local bank that may not apply that.

I am happy to answer any questions you have. If you like, you can email me at [email protected]

 

[pecos blingsly]

the tax credit can only be a max of 10% of the purchase price so if you end up buyer a $50,000 house, your credit will be $5,000.

Also, I haven't heard of any lenders in Texas that will apply the credit towards your down payment but that may have changed.