Young couple with pretty good income, but low down payment, can I buy a home?

Posted on Sep 5, 2012 in FHA Information

Question by : Are FHA mortgage loans more difficult to obtain?

Best answer:

Answer by My Take on It
They are less difficult than a conventional

Depends on your circumstances

What do you think? Answer below!
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Question by rebelBodhi: Young couple with pretty good income, viagra but low down payment, can I buy a home?
I’ve gotten through advanced calc and computational analysis courses, but navigating the world of finance and mortgages is still a bit daunting.. any help would be appreciated:

I make $ 75-80k and my spouse makes about 40. We’ve been renting in the MD-DC-VA suburbs for 4+ years, with perfect rental history (paying about 1300/mo), and have average credit.

We’d be first-time buyers. I know we could easily swing the monthly payments, it’s just the initial costs I’m not sure about.

Anyway, given this income (total about 110k/year before taxes), and a small (say 3-5k) down payment. What options, if any, are there for buying a 250k-300k (town)home? (we’re 25 years old if that matters)
I’m aware of FHA loans, but how/if they would help lower the inital costs is still a mystery.

Thanks!
fyi you did sound caustic, and the plan is to wait at least 4 months. I’m looking for some info and others’ experience.

Best answer:

Answer by ?I am a MESS?
Down payments vary from state to state, in Ohio it’s 3.5% of the cost of the home.

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4avg.rating 25 votes.

2 Comments

  1. FHA loans all require the homebuyer to pay mortgage insurance premiums.The amount would depend on your purchase price. So keep that in mind.
    If your credit is good, then you should still be able to buy a home with 100% financing. My friends just closed on a home last month with no down payment. The 3-5 K you have will likely all go towards closing costs. That is about how much closing costs are.
    The FHA website has lots of info on their different kinds of loans. If you dont have 10% to put down on your home, then you will likely have to pay mortgage insurance anyway. It can cost anywhere from 100-300 extra a month on top of your mortgage payment. Hope i was helpful.

  2. Ask a mortgage broker about down payment assistance programs. I was told about one called AmeriDream and what they do is they take a fee of $ 500 and act as a nonprofit grant provider between the seller and you. On a FHA loan, there is a 3% down payment requirement that the seller would contribute to AmeriDream, then it would be “gifted” to you for you down payment.

    Most of the sellers will also pay 3% concession towards down payment and closing costs. You may need to offer at or above their asking price to get them to agree.