First time home buyer… Best Loan?
My fiancee and I are deciding to buy a home basically because we pay 975 a month for a 1 bedroom apartment in Virginia. We are sick of spending that much money on something we will never own and feel like we are thrwoing it away and could be investing in something like a home. The only thing is that realty is really expensive in VA and we are not in the position to move out of the state. I go to school here for nursing and he just relocated here for his job (not military). I work only part time and make just a little over 700 a week after taxes and he makes a little over 2300 a week after taxes. We are looking at homes in the nicer parts of Norfolk, which is VERY limited!!!! We we interested in buying a home last year and got pre-qualified and was told we we pre qualified for somewhere in the 180,000 range. But then I was working full time makeing about 1200 a week and he was making 2300.
For some reason he seems to think that we still qualify for 180,000 range and has been looking all over for homes in that range, but I don’t think we do. I have done the mortgage calculators and it says we qualify for like 150,000… but that will get you nothing now a days.
We lost contact with the person who we got pre qualified with last year, and we met her through a friend that we lost contact with, so we are on our own and don’t know what the hell to do first!!!! He seems to think that if we buy a home for 180,000 that our mortgage payment will only be around 900-1000 a month (30 yrs.) but I think he is sadly mistaken and any time I try to tell him this is causes a HUGE fight. There is no way that we are gouing to get a home for 180,000 and only pay 1000 a month for a mortgage… maybe I am wrong?
He thinks that the first time home buyers program will cover all closing costs and things like that, and also is planning to only put down like 5,000… and still only pay 1000 a month on a 180,000 mortgage note!!!!
What loan should I get that would have the best rate and one that will not require me to put a bunch of money down??? Who should I go through?
Sorry all!!! I meant a 700 a month and 2300 a month!