First-time homebuyers?

I am in need of some help. With all that's happening in the real estate market, my husband and I are thinking about purchasing our first home in about 6 months. I have several questions.

1) He is a full-time police officer and I am working in healthcare, in my last semester of nursing school (RN). What kind of deals are there for us?

2) Will loan companies consider us if we have $8000 of credit card debt? We are looking at houses between $300,000 and $325,000. (My credit score is 744 by the way).

3) If we do qualify for a loan and are looking to move into a house in June, when should we start seriously looking?

I appreciate any or all helpful information. No spam or advertising yourself, please.

First-time homebuyers?

You will be OK. Get your loan through hud though (hud.gov). There are special programs for police officers and teachers to help them afford a home, take advantage of them!

First-time homebuyers?

First you need to search for leanders that will pre-approve you. They will walk you through the process. Becareful though, cause everytime they check your credit it can potentially lower your score. A reputable lender will tell you exactly what you can afford. Do this first, and get a preapproval for a loan, then start looking. Good Luck!

First-time homebuyers?

Talking to a Lender is a good place to start. They will have to qualify using your Husband's FICO, as it sounds like he's the primary wage earner. The Lender will break down your DTI( debt to income) Ratios to let you know if you're credit card debt and proposed Mortgage/Taxes/Insurance payment exceeds the allowed limit. You can start looking as soon as you want. I suggest start looking now. This way you have a pretty good education on your local market by the time you're both ready to write some offers.

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