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newly married looking to take the next step and buy a home, not sure what my options are.

I am a waiter i make about 45,000 a year and my credit score is around 670, my wife only makes around 16,000 and does have much credit established yet. We are both debt free and have about 10,000 saved for a down payment. I'm not sure if this puts me in a position to buy anything yet, wondering what the next step is and if we would even qualify for a loan? any advice would be amazing
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January 22 - Fort Collins
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Answers (11)

You seem to be in a great position to buy.  There are several options available to you so the first thing you need to do is contact a trusted lender.  You should always use a local lender that has in house underwriting stay away from internet lenders and out of state lenders.  You should have no problem qualifying for an FHA loan but that sometimes isn't the best option.  A well qualified lender can help with pairing you with the right loan.  After you have been prequalified and you have determined the amount you would like to pay for your new  home find a local experienced Real Estate Professional. 
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June 01

My advice is to contact a lender you trust. They can assess your current finances and determine how much loan you can qualify for. This will also help you know your budget. It's wonderful that you're debt free too, which makes it easier to qualify. 

As for your wife who doesn't have an established credit, you can always put the loan and title under your name and you'll be fine. An FHA loan might be a good option for you since you are first time home buyers. It offers affordable closing costs, easy credit requirements, and easier down payment options. If you have any more questions or need a reference for a lender, please call me at anytime-- (303) 656-9561. 

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January 28
How exciting!!!  The first step would be to contact your bank.  They can see what you would qualify alone and what you qualify for together.  You can have one person on the loan but both on title so if for some reason only one person can qualify the other will still be on title.  The loan officer will be able to tell you what the payments are at different price points so you will know what you feel most comfortable at.  Then you should take a look at some homes and take a tour of the neighborhoods.  It is hard to know what you are looking for if you have never shopped for homes.  Seeing 1500 square feet on paper and in person is two different things.  This will also help you narrow down neighborhoods, styles, locations and special features.  Then have your agent set you up with a system that will keep you updated on homes as they become available.  This is very important in Colorado's crazy market.  Happy house hunting!
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January 27
It seems that you have the means to qualify for a loan. The one problem would be the lack of credit history from your wife. Usually lenders want to see a minimum two year credit history. So you will most likely have to apply for a loan under your name since your wife does not have credit. Other than that, your credit score looks great. I would say you should either look into an FHA loan or a low down payment conventional loan. An FHA loan is great for first time buyers because of its easy credit qualification, low closing costs, and low down payment of 3.5%. Also, conventional is a good option because you can avoid the mortgage insurance that comes with the FHA but you will likely have to pay a down payment of 5% or more. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 22
I would look at some of the USDA loan options, or possibly Homepath as they have low to no downpay. Save your liquid capital for improvements, and leverage other peoples money with low interest! Also if you're inclined to get your hands dirty, let's find you a bank owned foreclosure property! It costs you nothing to have an agent on your side, as we are typically compensated by the listing agent or broker by way of a co-operating agreement. 
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January 22
First off, CONGRATULATIONS!  It sounds like you are an excellent candidate for home ownership.  There are also several first time home buyer programs you would potentially qualify for that I'd love to chat with you about further.  The first step is to find a Realtor that you are comfortable with whose experienced and knowledgeable and will educate you on the process.  I'm happy to help you do so.  Once you have a Realtor, they will help you find a lender to get pre-approved for your home loan and guide you along that path.  Then comes the fun part, looking at homes and finding you your perfect place.  Please feel free to call [Phone removed by moderator.]

I do specialize in Northern Colorado and can provide you Real Estate Results!

You are also welcome to view [Hotlink removed by Zillow moderator. Please see our  Good Neighbor Policy for information.]
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January 22
Hello,

Your first step would be to contact a local lender and go over your financial situation as a whole. Its a little different what we look at as opposed to what you look at. Typically with waiters and people who are self employed they tend to make a lot more than what they claim on thier taxes. You would also want to look at the picture as a whole, meaning that down payment alone is not the only cost associate with getting a home loan.

I would be more than happy to run some numbers with you and go over a few options to see how I can be of assistance to you in this process.

Please feel free to contact me if you have any questions or if you would like to see if we can get you pre-approved and if so for how much.

Thank You!
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January 22

The fact that you are debt free is great!  A full analysis of your financials would be recomended to see exacly how much income you could use for qualification purposes.  Typically, individuals in the service industry make significantly more that what is shown on their tax returns, W2's and paystubs.  If you claimed 45K and your wife claimed 16k on your taxes and you have no monthly debt than you would be able to qualify for a mortgage payment around $1500-$2000 depending on what type of loan program you decide to do. As far as a down payment the minimum required would be 3.5% of the purchase price. Specific areas that are USDA approved would require 0% down payment and current or former military would also qualify for 0% down in most cases.  

Hope this helps out and please contact me with any questions.

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January 22
You are certainly in a good position to move forward at what is the best of times to buy real estate -
Where are you thinking of looking and send us your email and we will email you the entire process.
Regards, Diane and Bob
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January 22

So, you are newly married and is moving ahead to buy new home and ready to get off on the right foot financially. I think with your credit score, you will get best mortgage rates.  Have at least 5-10% of the purchase price to apply as a down payment. 

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January 22
I would start by calling your local bank, have them pre-approve you and your wife together to see how much you would qualify on a home purchase.  They should be able to give you further insight into your wife's credit so you can determine if she is going to be able to be on the loan.

I would also check out your state or local government websites to see if there are any first time home buyer programs being offered locally.

Good Luck
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January 22
 
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