WatchI am thinking of buying a home or at least see what I qualify for
My rent is more than my income and need to do something different
1. Do all banks, credit unions charge for pre qualification
2. How do I find out what 'feebie' are available for 1st time homebuyers?
Credit union person knew nothing
about first time home buyer
about any state or federal programs that help with down payment
3. How do I find any and all programs?
4. What banks or credit unions are reputable?
My income is less than 20,000
My credit score is over 800
I am older and may not live to pay off 30 year loan and have no dependents so I am thinking the longer the loan the better.
Looking at Housing Finance Authority for the county
5. Is it good to do a FHA loan with small amount down?
6. If I can put more down, should I?
7. All houses need fixing, a/c, heat, roof, etc within first year of buying? At least that is what I have seen with others buying
8. Bottom line how can I get money and assistance to buy a home which should be less than my monthly rent or any rent in this area?
9. Who is trustworthy? Where will I be less scammed?
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Reston, VA
1. All loan fees are negotiable. You can figure out what you prequalify for. If you have an income from a W2 (social security may be equivalent), then figure out what it is. Figure out your other fixed payments if any (car loan, cc, etc.). Figure out your monthly payment on a house, and the payments on other loans. When I bought a year ago, the limits were 28/36, which is what is listed http://en.wikipedia.org/wiki/Debt-to-income_ratio. Your limits can probably be a bit higher.
Your house payment has to be