Will we be able to get a mortgage?

Great choice and great timing! Based on your scenario above, you would be looking at FHA financing. What is the County you are looking in? There is FHA Max loan amounts we must consider. Since you only have to put 3.5% down, you can think how much you would want to keep in the bank?Maybe you should put 5%?? See if you can also have the Buyer's Agent get some, or all, of your Closing Cost paid for by the Seller? Ask me how to get this done. The rate would be around 4.875%. You could take a higher rate and get a Credit back. There are many more factors to consider. The FHA MIP amount went up to 1.25%, from 1.0%. You must consider the Monthly mortgage insurance as well. Give me an opportunity to show what I can help you with. My name is Rich Constantine email or call me rconstantine@myhsoa.com or 714-299-5807. Hope this helps. Good Luck! RC

First of all congratulations. As you may suspect, you are are probably qualified. The 1st step in your process is to get prequalified and GET A GREAT REAL ESTATE AGENT to help you. As a buyer, It costs you nothing to use an agent and the benefits are tremendous. You'll want to get a full time guy (not a co-worker who does it on the side).. remember, "years in real estate" does not mean quality. Look at current activity, ie: full time versus part time. As far as your loan, you'll probably go FHA which means 3.5% down but you are going to want to check the limits in your county. Google: FHA LIMITS, and you'll find it. Good luck.

Qualifying for a mortgage requires meeting a pre-determined set of guidelines established by a lender, which may include credit history, income, employment and assets. Some of the documents you'll be asked for include W-2 forms and paycheck stubs. These show that you earn enough income to make the payments on your new mortgage. If you're self-employed, you might be asked for financial statements to support your earnings or net worth. You may also be asked to produce bank account statements to demonstrate that you have enough cash for your down payment, if you're buying a home, and closing costs.Mortgage Programs come in many different types of flavors and colors depending on the down payment and/or monthly budget a borrower has been approved for.There are also federally insured mortgages, such as FHA or VA loans, which have more flexible qualifying guidelinesWhether you're shopping for the best rate, or trying to determine the difference between the Note Rate and APR, it definitely helps to understand what questions to ask a mortgage lender about your specific loan scenario.800-552-8670 EXT 121 vikki.nguyen@pmbank.com