Fha loan first time home buyer

[Pfhtex]

Regarding the lender implementing your spouse's debt: What state are you purchasing in? If you are purchasing in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, then you will be dealing with your spouse's debts. Outside of those states, you can "fly solo," provided your income carries your debts plus the full house payment.

What $8,000 Tax Credit is still in play? That expired years ago, please elaborate. And if it is a tax credit, it cannot be used toward down payment.

Regarding part time income, if you have steady part time jobs across at least the past two years, that income can be averaged and applied to your income total.

Don't guess at closing costs. Need to know your price range, and the zip code in which you are shopping, along with a Homeowners Insurance estimate so that can be applied to the cost total as well.

Also, you seem to be a little bit in the dark regarding many important points. Don't take the approach that you need to know things before you talk with a lender. Instead, why not find a lender who takes the time to explain everything, and makes you feel comfortable. That might be a smart course of action, IMO.

[Jgraham87]

I don't think my closing cost will be that much. Iv never heard of anyone paying that much I would think 5 would be the highest. Anyway thanks for you help.

[Jgraham87]

Tn. And not for down payment but the closing cost. And no Iv only been at the part time for 1 year that's why I said I wasn't including that but was wondering if they use his debt would they use that income too? I actually buying the house from my mom already have my figures just wanting to know about the first time home buyer tax credit and if they will use spouses debt if he isn't on the loan.

[Pfhtex]

There is no first time buyer tax credit. That was several years ago and no longer exists.

Also, I have to stress that you are really, really off base in the manner in which you are guessing at everything, especially closing costs.

If you were to talk with a lender, you might have already learned that your mom can give you a Gift of Equity that can eliminate the down payment, and she can provide a Seller concession for an accurately-calculated Closing Cost/Tax&Insurance estimate, as prepared by a lender.

Best of luck to you.

[Grumpy ol' Man]

My understanding is a GOE only applies when purchasing a home from a family member or friend who is willing to lower the cost of the property to below market value and use the difference as a down payment.
The OP didn't state she was purchasing property under those conditions.

[SmartMoney]

Regarding the lender implementing your spouse's debt: What state are you purchasing in? If you are purchasing in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, then you will be dealing with your spouse's debts. Outside of those states, you can "fly solo," provided your income carries your debts plus the full house payment.

I continuously discover little tidbits where credit unions differ - some days I really do feel like I am on a different planet. (Keep in mind we do not do any government insured mortgages). In community property states, there are no considerations regarding the non borrowing spouse. Portfolios lending difference, I guess.

[hensleya1]

Originally Posted by so954

Closing costs are easily over $8000. I was looking at a home under $75K and the closing costs were over $9000.

Loan origination fee $1200 to $1500, plus first years taxes and home insurance plus other closing costs add up quick.

What state are we talking about here? And what bank?

I was preapproved a few weeks ago for $150k and was given an estimate of $2,058.50 for prepaid and reserve items, and another $814.25 for closing costs.

My origination fee is 0.25%. Aka under $400.

[Pfhtex]

Originally Posted by SmartMoney

I continuously discover little tidbits where credit unions differ - some days I really do feel like I am on a different planet. (Keep in mind we do not do any government insured mortgages). In community property states, there are no considerations regarding the non borrowing spouse. Portfolios lending difference, I guess.

Community prop states only matter to Govvie loans.

[belovenow]

Originally Posted by Jgraham87

I don't think my closing cost will be that much. Iv never heard of anyone paying that much I would think 5 would be the highest. Anyway thanks for you help.

I thought this too - and recently saw numbers speaking to $8k closing costs.... I don't know what has happened the last few years since I last bought a home, but it appears that things have changed and gotten more expensive! Hopefully you negotiated for the seller to pay for much of these costs... that seems to be the only way to offset them as a buyer.