Profile picture for user5781951

Ready to to buy first home and a few questions

Hey guys. I have been reading regarding this for a couple months and am still a bit unclear about a few things.  My wife and I have been renting the same apartment for almost 10 years now at $1100/mo and were both ready to buy our first home.  So far we have determined that we would like to keep the cost below $150k.  Were both 29 and with a 1 year old son making about 55k annually combined. The questions we have for anybody that might be able to answer are as follows...

Would the next step be to consult a lender to find our buying power?

Is there any first time homebuyer programs available and in south Florida?

My credit score is 670 with 2 delinquent credit card accounts I've stopped paying (a whole diff topic) and my Wives is 780  any idea how this might fare If looking for a 150k loan?

I currently have $10k saved for a down payment while my wife has about 3k.

How does all of this look?

Thanks a million for anybody that takes the time to reply!
  • August 18 2012 - Boca Raton
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Answers (6)

Profile picture for Ofe Polack
Talk to at least two mortgage brokers and maybe a credit union, seek their advice, financing is very complex and private, to discuss on this forum.  The best of luck!!! 
  • August 18 2012
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Find a good local lender that has been in the business for a while.  The lender will be the one that has all the answers for you and if your income is high enough for your wife to qualify for the mortgage on her own.Your lender will be able to tell you all the programs that are availble in your area and which one would work best for you.
Then locate a Realtor to help you with entire home buying process.  If you need a name for a Boca Raton agent let me know, I will be more than happy to pass along contact information for one that I have worked with.
Good Luck!
Diane
  • August 18 2012
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Profile picture for hpvanc
I would suggest reposting your question in the mortgage section, and get some input from lenders. 

I'm pretty sure that if you borrow based only on the credit score of your wife, you can only use her income to qualify. 
  • August 18 2012
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Profile picture for user5781951
Thanks for all the info!  With my credit card delinquencies couldn't we just leave myself out of the whole credit approval process? 
  • August 18 2012
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Hello,

Yes the 1st thing would be to consult a Mortgage professional to guide you on the purchase of your home. You may also have to pay the cards, it could effect your borrowing options. As to 1st time home buyers programs it may depend in what city you want to buy in. If you need the name of a lender please feel free to contact me.

Eva Aliaga
Keller Williams Realty
[contact info deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • August 18 2012
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Your next step would be to consult a bank or mortgage banker to determine your credit worthiness. The 2 deliquent credit cards might hold you back but let the banker determine that for you. Good luck
  • August 18 2012
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