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Hey everyone, my wife and I live in a small town in south Arkansas. We are currently planning to move to the Fayetteville/Springdale/Rogers area once we both have a stable job. We have family up north and can stay with them until we're both stable.
This will be our first home purchase. We currently rent for $375/month. Neither one of us know very much but are starting our research on home buying. A few friends at work told me to ask about FHA loans.
I have a credit score of about 760. My wife's score is about 690. Our debts include student loans, 2 car payments, and credit card which has about a $300 balance at the moment. Other than that, it's your basic home utilities/cell phone/food/gas.
We have found a couple of houses we like around the $130k-150k range.
Are there any 0 down, or at least 3% down offers we could maybe get? Is the first time home buyer $8k credit still available?
Our monthly home budget with insurance and everything included is around $750-900 per month. Any information you guys could help us with in this process would be great. My wife's grandmother is trying to get me in an office job at Tyson in Springdale. She is a retired real estate agent so she will be able to help a lot as well. Thank you!
My husband and I are first time home buyers (we are purchasing in SC) and we are more then likely going with the FHA loan. I was told it is like 3-4% down which on a 120,000 home is roughly 4,500. Basically it is next to nothing. My husband did research on the 8k credit because he was curious. It turns out that to our best knowledge that it is not available anymore. The only loan I've heard of with a 0 down is a VA loan. My husband is eligible but they are more strict then with a FHA loan. The VA loan requires a year of credit. If you have not had your credit a year it isn't going to happen. Plus with a VA loan I've heard it's not as widely accepted, but that could have been bad information on my Realtors part, that could be it's just not as widely accepted in SC as a FHA loan is. Your credit scores are good enough for a loan I was told of at least 620 but 680 is best.
Last edited by CarolinaDreams; 11-22-2012 at 09:10 AM..
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