Please help a first time home buyer!!

Based on the information you stated both credit scores are above 720 and that's pretty good, also having a high income with low debt will allow you to select from different types of mortgage programs. Remember choosing the right program is also essential. As a First Time Home Buyer you may have lots of questions. I would like to assist you and your wife on the many options available to first-time buyers. Always remember that buying your first house likely represents the greatest financial commitment you have ever made. My name is Cris Graham and I would like to help you and your wife understand how much you may be able to borrow. Please call me at 714-978-2855 or 714-726-1655.

First of all, I see you are in Newport Beach and the loan limits for FHA and conventional loans in 2010 is $729,750 so you are safe there.Next, the taxes are currently $9,000/yr. and so it sounds like you are looking at a foreclosure or REO sale. The good news is that your taxes will likely go down to approximately $7,100/yr. sometime after the sale. The new tax amount will be retroactive to the day you bought the house.Call me at (866) 385-1650 or email me at hans@hansblog.com or stop by my web site at www.AskTheLoanman.com

You look like you have lots of options based on your high income and low current debt. FHA financing with a 30 year fixed-rate mortgage is the easiest option. One good thing with FHA is that with less than 20% for a down payment, the monthly mortgage insurance is much less than if you use private mortgage insurance (PMI). You also can put as little down as 3.5%. Whether you go with the minumum down, or the entire $95K, you shouldn't have a problem qualifying (based on what you've stated here). Keep in mind that the loan limits vary by county, so it's important to find out if your loan amount can qualify for FHA High Balance financing. If you're in Calif., I'd be happy to help with your financing. Reach me: Andrew Vierra--916-947-4888.