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Should we try for FHA in March 2011?

March 2011 is 2 yrs post Bankruptcy.  Will have 10K savings and 5K 401K.  Husband manager at Disney and sole provider.  55K/year.  Renting now 1250/mo but rents are going up and houses are going down...do we jump next spring or wait 1 more year when we will be even better off and have 20K in savings, yes he gets bonuses?  3 trade lines open since. No debt.  Are we being realistic in this lending environment? Previous fico 780.  Will wait to pull credit reports until closer.

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June 04 2010 - US
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Answers (1)

If the cost to purchase and payment is equivalent to your rent payment OR better, then yes the obvious answer is yes to purchase through FHA and obtain a tax shelter with the new home.

with only 10k in savings, you maybe limited to your ability to buy:  3.5% down payment, costs of inspections (pest,home,etc.), appraisal fee, and moving expenses.

to get a complete analysis, start working with a local lender now to prepare and stage yourself for next year (credit review, income analysis and rent comparison)
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June 07 2010
 
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