So my wife and I have started looking into the potential of buying our own home, a prospect we wernt holding our breath on due to less the amazing credit on both ends. We spoke with our bank yesterday and they mention the need to review credit first and then they will tell us if we can move forward. At this point we pretty much write the whole experience off, but today we get a call back stating that we would need to come sit down and follow up but that she comfortable in saying we could get a mortgage, though it may need more of a down payment. This isnt a huge issue because her mom would like to help us, but cant sign on the mortgage as she wants to buy land and doesnt want our mortgage to prevent that, and she says she could give us 10000 before taxes would be an issue on her end. So now we are just trying to decide when we want to go onto the next step, our lease here doesnt end untill march, but if we can help we would really like to buy before dec 1st to get the tax credit. Its just exciting to know that owning is still a possibility, because i hate throwing money away renting.

Cliffs: started looking at houses, didnt think we could qualify for a loan, but after talking to the bank it seems we could get one, just waiting to move to the next step.

 

woot, congrats man. nows the time to buy .... i know thats why i did it, dont see the point in spending twice as much on rent

worst case theres always FHA ... 3.5% down and even with less than stellar credit you can usually get it ... i think its a fico of 620 right now minimum. i have crappy credit myself and i still qualified for FHA

 

doesnt the first time home buyer tax credit run out in november?

 

yea thats actually the one she was talking about for us, mostly due to credit issues, but it also allows us to use "gift monies" for the downpayment. Right now were looking at housing that go from 140,000 to about 170,000, so we would be looking at 6 to 7k deposit, that between my profit sharing bonus from GEICO and the money her mom would like to provides us, we should be good. the tax credit ends on dec 1st so yea i guess you could say it ends in november

 

well good luck dude. its a huge step you two are about to take. enjoy it.

 

Congrats!

It's nice to see good people try and come out on top!

 

dont I know it lol, Im the youngest of 4 kids, would be cool to be the first with my own house heh. I was the first to move out so who knows lol. I looked at the net age for buying a house and were way below it at 23 lol

 

i gotta get a job and buy a house :hs:

 

She can gift you up to $12k once a year.

If you can find enough cash to come up with a 20% deposit you can avoid pmi and escrow.

 

would be nice, but for the range were looking at thats almost 32000 bucks lol