First-time homebuyers?
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- Get a 30 year fixed mortgage. You will thank yourselves, trust me. If you do go with an ARM (adjustable rate mortgage) make sure it's a 7-1. Fixed for 7 years. But I'd get the 30 fixed.
- This process is the MOST stressful thing you and your hubby likely will have ever gone through. Just hang on to each other, try not to get too stressed, and keep your shirts on. If you make it through this, you will make it through anything.
Good luck!
First-time homebuyers?If I were you I would rent and pay off all other debts. If you're a cop and a nurse and contemplating a $300k house, you must be in CA or NY, and house prices there are gonna drop like mad the next couple years.
First-time homebuyers?There are absolutely programs that offer special programs to police, fire and HC professions, Bank of America offers some, and I'm certain there are others. They are very stable occupations and the lender is at a low risk to have the buyer default due to unemployment.
Regarding your CC debt, it depends on how your debt to income comes out. Many loans are based on credit score, employment history and debt to income ratio.
I'd suggest you start looking now, hit some open houses and start learning your market. Knowledge is power in these volatile housing and lending markets.
One piece of unsolicited advise, avoid internet lenders, go to a lender in your area who will know about local programs you can qualify for. There may be some better FTHB loans out there than the employment programs.
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