I am a first time home buyer and am unsure about the process. I understand I can work with an agent and they assist through the process, but I would like to get an idea of what to expect. I am looking at homes in the 140-150k price range. When applying for a home mortgage can the application be for the total cost of the home with closing cost included? I just started my new job and my apartment lease is about to expire, I do not want to renew. I have about 4k in my savings at the moment. I was hoping to utilize the money for furnishing and basic immediate repairs. Is it possible to apply for a mortgage considering the home's value and closing costs included? (no down payment). I do have a co-signer if needed. Any thoughts are appreciated.
There is only 1 no down payment mortgage available - and that is a Dothan mortgage for which you must be a veteran. If you are not a veteran, FHA has a program for first time home buyers which requires 3.5% percent down (minimum). That means for a $140,000 house, you will need at least $4,900 just to cover the down payment. Closing costs can not be rolled into this loan. Expect closing costs to average around 5% - so you are looking at another $7,000. However, your offer for the house can include asking the seller to pay some or all of the closing costs (obviously the seller has the right to reject this offer or come back with a counteroffer)). Finally, the lender will also want to see at least two month's payments in the bank...figure another $1,500. Assuming you can get the seller to pay half the closing costs, you will probably need $10,000 in cash to buy. When figuring out how much house you can afford, rule of thumb is that you can borrow up to 3 times your gross annual salary - so for your price range, you will need to gross about $50,000 a year. Next, any lender is going to want to see 2 years of steady employment at the same job. Since you have just started this job, you most likely will not qualify for a mortgage. You may be able to skirt this, however, with your co-signer. Make an appointment with a mortgage officer at your local bank to sit down and talk about getting pre-approved. One thing not to do is open up any new credit accounts or run up bills on your existing cards as this will cause any application to be delayed (at the least) and possibly denied. And just so you know, typically, the time frame from offer acceptance to closing is 45 to 60 days, so you are looking at close to two months before you could possibly move in.
You are not going to qualify. In the meantime, go get a book such as: Home Buying for Dummies (not an insult, a great book). The best $20 investment you will ever make. - 0 down days are long gone - you need 2 years worth of steady employment with tax returns - you may be wanting too much house - the book will help you figure out amount.
You will need at least $28k for a downpayment...then around $3k for closing costs. These cost can NOT be included in your mortgage. You also need at least 2 years of stable employment and very good credit.
20% down, Skippy.
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