What mortgage is best for us?
We live in Denver and are renting currently. We plan to buy a home worth $375 to $400k. My score is 650 while wife is at 625. Our income is $180k a year and DTI of 39%. Cash assets of $4,000 Our scores are low since we had to use our credit for some emergencies the past 2 years. Our rent is going up and we haven't owned a home in 5 years Do we qualify for any first time homebuyer programs? What loan is the best for us? by deanethan221 from Denver, Colorado. Jan 25th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
if either of you is a verteran - va loans are great as they allow a 0 down payment .....if you can locate one in a rural area - a USDA loan also allows 0 down . otherwise yor options are likely to be a convetional loan with 3% down or a FHA loan with 3.5% down ...the down payment can be a gift ....many of the first time buyer programs that exist require your household income to be under the county area medain income that is under 180K ....meet with a loan officer and get a formal free loan pre approval starated and discuss your options
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Couple of items. As a very basic rule of thumb, most people can qualify for a loan about 4 times your yearly income assuming they don't have a huge amount of other debt. Most first time home buyer programs have household income limits. At your income limit, you probably don't qualify for most of those. Finally, those scores are going to limit your options. My best advice is to simply reach out to a local mortgage broker in your area. Give them a full application, and they can answer all your specific situation questions. I lend in MN IA ND SD and WI. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132
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