Need advice re first mortgage loan (credit report, requirements, financial, Phoenix)

[blueeyz911]

I am looking to buy my first home by myself. I make $50,000 a year and my credit score is 714. I have no lates or collections or anything derogatory on my credit report. My issues are I have a high debt to income ratio (about 46% on a $900 mortgage) and I do not have a down payment. What are my options and where would be the best place to apply for a mortgage loan? Thanks.

[Daddys///M3]

FHA immediately comes to mind. Couple that with a down payment assistance program such as Nehemiah. If your county has not been identified as a declining market then you have a few other options as well, such as MyCommunity, Flex 100, House America, and HomePossible 100. Try and get some referrals from friends and family for a reputable mortgage broker. Where are you located?

[blueeyz911]

I'm located in Phoenix, AZ (Maricopa County).

[Daddys///M3]

Originally Posted by blueeyz911

I'm located in Phoenix, AZ (Maricopa County).

Unfortunately Maricopa County has been declared a declining market (one of the worst along with Riverside Co., CA and of course Clark Co., NV), so it looks like FHA with a down payment assistance program is your only option for a no money down purchase. I'm licensed in AZ. If you'd like I can DM you my contact info. I also have a friend out there that is a very reputable broker, if you'd rather work with someone local. Let me know.

[DataCollector]

I don't mean to interrupt this thread, but besides the downpayment advantage, are there any disadvantages to using an FHA loan compared to a conventional loan?

I've checked out the requirements and it seems that anyone who is a resident of the county and makes less than $100k (AGI) with no significant financial problems qualifies with no significant financial problems.

[blueeyz911]

Originally Posted by Daddys///M3

Unfortunately Maricopa County has been declared a declining market (one of the worst along with Riverside Co., CA and of course Clark Co., NV), so it looks like FHA with a down payment assistance program is your only option for a no money down purchase. I'm licensed in AZ. If you'd like I can DM you my contact info. I also have a friend out there that is a very reputable broker, if you'd rather work with someone local. Let me know.

yes thank you - plz dm me your contact info and your contact in AZ.

[Daddys///M3]

Originally Posted by DataCollector

I don't mean to interrupt this thread, but besides the downpayment advantage, are there any disadvantages to using an FHA loan compared to a conventional loan?

I've checked out the requirements and it seems that anyone who is a resident of the county and makes less than $100k (AGI) with no significant financial problems qualifies with no significant financial problems.

FHA does not have a maximum income limitation. Rates right now are the same if not lower than conventional. It is owner occupied and full doc only, so if you can document your income and plan on living in the home but have little or no money for a down payment then there is no better option, IMO.

Originally Posted by blueeyz911

yes thank you - plz dm me your contact info and your contact in AZ.

You have DM.

[renriq02]

and now everyone with less than a 680 is running to FHA due to the low mortgage insurance option