best mortgage option for first time buyer, newly married?

If you are using a government home loan, 697 FICO is top tier and you should qualify for the lowest rate. However, if you use an FHA loan, you will have to pay mortgage insurance. If you have military service, you may want to use a VA loan and apply the 5% down payment you have saved to pay off other debt.

Your best option is most likely either FHA loan with 3.5% minimum downpayment, or a conventional loan with 5% down. FHA is more flexible about debt ratios but the "PMI" cost is very high and lasts for the full length of the mortgage. Pick a reputable and experienced mortgage officer and let them help guide you even if it is 6 months down the road. My personal experience is that financial planners generally do not really understand the mortgage qualification process and may not be able to give you the best info on how to qualify, whether now or in a few months. I can help if you like: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Consider an FHA loan with 3.5% down. The balance of your cash may be needed to pay down credit card or auto debt. Hint: many installment loans with less than 10 months remaining can be ignored in determining debt ratio.

FHA or 5% down conventional. You need to be pre-qualified.