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deltaland
Mississippi St. Fan
Member since Mar 2011
53936 posts
 Online 

First time home buyer mortgage options
Looking at buying a house for 125k. First time buyer. I make 85k a year, I have combined credit card, boat, student loans of 58k total. My credit is around 670. Nothing in collections and 2 year perfect payment history. My credit bombed out couple years due to a company was partnered in that went under and all debt was resolved with some of it being written off by the credit card company, nothing pinging my credit now but that history hasn’t dropped completely off my credit report. Credit was in low 500s and have gotten it back up.

What options do I have for a mortgage? What interest rate am I looking at for my situation and are there still any Govt backed loan programs for first time buyers I can utilize?


ItzMe1972
Member since Dec 2013
3036 posts

re: First time home buyer mortgage options
Real estate agents can usually direct you to a proper lender.

Or just find a mortgage broker and let them advise you of options.


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HYDRebs
Ole Miss Fan
Houston
Member since Sep 2014
1070 posts

re: First time home buyer mortgage options
Yes you should be able to qualify with that debt to income. And you definitely will with that credit score. The down payment you want to make will probably depend on the loan type you go with. Minimum down go with FHA as your credit score will not affect your rate and mortgage insurance. If you put 20% down you will go conventional but your rate will be affected by your credit score.


deeprig9
Member since Sep 2012
37925 posts

re: First time home buyer mortgage options
What is your DTI?

How to calculate-

Monthly payments to borrowed money (car loan, boat loan, average credit card payment)

Divided by:

Gross income before taxes



= DTI


So don't include utility bills or phone bills, just monthly payments for borrowed money on your credit report. [If your credit card sometimes has a $50 bill and sometimes has a $1000 payment, you need to average that out for the last 12 months.]


People overstress credit scores, but lenders really care about DTI and Income.

Is your income W2? Do you have a 5 year work history with that same income? Or was this a recent promotion?


There's alot of people here who can tell you exactly what you'd qualify for, but you'd have to post alot of personal details and that really isn't advisable.


prostyleoffensetime
USA Fan
Mississippi
Member since Aug 2009
9335 posts

re: First time home buyer mortgage options
quote:

What interest rate am I looking at for my situation and are there still any Govt backed loan programs for first time buyers I can utilize?


You can get 0 down and probably around 4% interest with the rural development program, but you’ll have to pay mortgage insurance. The house will also have to pass a little tougher inspection if I remember correctly.


deltaland
Mississippi St. Fan
Member since Mar 2011
53936 posts
 Online 

re: First time home buyer mortgage options
500 dollars a month in loan payments

85k gross income


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deltaland
Mississippi St. Fan
Member since Mar 2011
53936 posts
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re: First time home buyer mortgage options
I will only be putting about 5-7% down



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deltaland
Mississippi St. Fan
Member since Mar 2011
53936 posts
 Online 

re: First time home buyer mortgage options
I already planned on paying mortgage insurance. House inspection should be fine it’s a solid house that’s been updated recently no structural or foundation issues


prostyleoffensetime
USA Fan
Mississippi
Member since Aug 2009
9335 posts

re: First time home buyer mortgage options
You’ll be fine... You actually may make too much for rural development. I can’t remember the limitations, but nonetheless, you should be able to find something that fits your needs.


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ellesssuuu
Baton Rouge
Member since Mar 2016
866 posts
 Online 

re: First time home buyer mortgage options
FHA loan with that score and down payment is your best option and yes I am in the business. If you would like me to help you please let me know.


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Upperdecker
LSU Fan
St. George, LA
Member since Nov 2014
21018 posts

re: First time home buyer mortgage options
You’re trying to buy a project car but you don’t own a house?


MSTiger33
LSU Fan
New York City
Member since Oct 2007
15575 posts

re: First time home buyer mortgage options
Shouldn’t be an issue
This post was edited on 1/25 at 1:00 pm


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deltaland
Mississippi St. Fan
Member since Mar 2011
53936 posts
 Online 

re: First time home buyer mortgage options
I’m probably gonna hold off on the project car for a bit. I have 10k dollar commission bonus coming next week gonna use that for house down payment.

I have plenty money in savings for stuff like the car. Money isn’t an issue for me, I can easily make the payments I was just concerned with my credit score due to a company folding couple years ago.


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SDVTiger
Hawaii Fan
Off the Wall
Member since Nov 2011
39962 posts
 Online 

re: First time home buyer mortgage options
Go FHA and get yourself that 3.5% 30yr Fix rate

Keep the other 16.5% in your bank account


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