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I'm a first time home buyer, who recently found a property to purchase, I was pre-qual for $230,000, I'm purchasing a townhouse for $214,000, with 10% down, so I'm asking for ~$194,000. Middle FICO Score is around 780.
I've worked for the same company for over 3 years (first job out of college), and make $58,700 a year, not including OT or bonus. The company is in financial services, if that has any impact
My only debt is my student loans, which I owe roughly $9,000 on, with a monthly payment of $275, which is paidup through Nov 2016, meaning I don't have to make payments until then.
I only have 1 credit card, which gets paid off in full each month, with a high limit on it, but the highest I get on the card in a month is around $300. I've had this card for about 8 years, and have not applied/closed an account in a while. I think the highest utilization I've ever had on this card was 5%. I did have a car loan last year, which I paid off.
After my downpayment I will have ~$25,000 in stocks, and a little more in T-bills, which have PV of ~$7,500. I also am expecting a bonus check, and tax refund (not sure the amounts), in a month. I also have about $4,000 in a 401k. Taxes are $4,700, HOA fees are $226/mon. which is the pre-qual amount basis.
I'm just a little anxious about this process, since I've never been through it before.
You're fine! Most states have a housing authority that has excellent home buyer information, but even better, walk you through step by step calculations and work sheets. What state are you in? If your state isn't as informative, there's nothing saying you can't visit another site.
You're fine! Most states have a housing authority that has excellent home buyer information, but even better, walk you through step by step calculations and work sheets. What state are you in? If your state isn't as informative, there's nothing saying you can't visit another site.
Thanks for the reply, SmartMoney, and I'll look into my housing authority site (I live in NJ).
I snooped around NJ and wasn't real successful it appears all to be Section 8 with a waiting list. Much of the info is the same, so check out Virginia's. We go up to a 120K year income and a 450K sales price. They have an online home buyer class (free to all), budget worksheets and excellent info on looking for a home. www.vhda.co .
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