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Recently married and trying to buy first home, HELP?

Me and my husband are looking into buying our first home, I did the math and we can afford the mortgage payments for a 10 year loan (the house needs a little work so it's pretty cheap), but he doesn't have great credit and I'm only 19 and have no credit. I need to get pre-approved for a loan to prove that we can afford to pay for it, but I have no idea where to start or how to approach it. HELP? I really love this house.
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April 20 2012 - Hillsboro
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Profile picture for the_country_hick
"Also, I know the house needs quite a bit of work, it says it has an $853 repair escrow and that it's FHA 203K eligible, but I have no idea what that means.."

FHA 203k is a loan package that includes repair costs.

"The payments on this house are actually cheaper than what we pay in rent right now"

That is not necessarily true. With a real house you own you have other expenses you may not in a rental. You will probably have a higher electric bill. You will probably have a higher heat bill. You may end up with more repairs in the not to distant future. If the house is further away from work you will have higher transportation costs.

Consider the information in the links below.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure." This shows how to look at the numbers. You could choose either way after reading this.

"Why rent if you could buy for less money? Valid reasons inside." This shows some advantages you might not have thought about by renting.

"Its your first home and you are looking for something but are not sure where to start to look or about loans."

"I want to buy a house. It will be at least one year before I am ready to buy. What should I do now to prepare myself?"

"What should I watch out for when choosing a home to buy so that I
don't jump into a money pit?" A money pit can come from some less obvious things you did not think about.

"Should you consider the price of gasoline both today and tomorrow when buying a house? I say yes. See why inside."

Hopefully those will give you some things to think about that you had not considered before.
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April 23 2012
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I'm working on getting pre-approved right now, I'm just frustrated with the fact that we've tried once before to get approved and got denied (although it was for a bigger loan) and the house we're trying to get right now is a lot cheaper than the one we were looking at. The payments on this house are actually cheaper than what we pay in rent right now, but all I keep hearing is that because I haven't been at my job long enough we can't get a loan. I can get 20% of the cost for a downpayment in the next 3 or 4 months, should I just wait and try and apply after I have that saved? Also, I know the house needs quite a bit of work, it says it has an $853 repair escrow and that it's FHA 203K eligible, but I have no idea what that means..
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April 22 2012
Why would someone be on the internet telling you not to find someone on the internet? Find a lender and get preapproved.
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April 22 2012
Nan, I am curious why you always say not to find a lender on the internet? I believe there are many great lenders here on Zillow's mortgage market place, and I wonder why you advise against it. Do you have reasons you can outline here?

Melissa, you can certainly go and seek pre-approval, or do it right here with a Zillow lender.  That part is very easy, for a pre-approval, it will likely be a very quick yes or maybe later.

You may find out that you have to work on rebuilding his credit and establishing your credit. If that is the case, I have found the website www.myfico.com to be a wonderful resource. You can learn about credit and what it takes to have "good" credit. You can get copies of both of your credit reports at www.annualcreditreport.com also. Getting a home loan really requires proof that you have paid in a timely manner in the past and that you can afford the home and additional expenses it creates. There are lenders out there who will work with borrowers until they improve their credit enough to get a loan, but honestly they are hard to find, and only willing to invest a minimal amount of time. The good thing is that almost anyone can build credit or repair credit with a little knowledge (plus some time and money).

Good luck, I hope things work out for the best!

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April 21 2012
Hi Melissa,
Before you do anything go to a mortgage lender to get preapproved as Shane stated, that should be your first step. Do not find a company on the internet ask your friends or family who they would recommend. There are local companies that will help you establish credit and help your husband repair his credit, this could take 6 to 12 months.

Best wished to you and I hope it all works out for you.
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April 21 2012
Hello, You will need to talk to a lender to get you pre-approved for your loan first. They will let you know what price you qualify for. What area are you located in. I can send you someone to talk to. I can help you I work with first time buyers.
Shane Knuckles
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April 21 2012
 
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