RE Agents/Mortgage Brokers: home buying questions?
I am a first time home buyer and my fiance (who would be purchasing the home with me) is not. (He owned a home a couple of years ago.) We are currently renting and wish to buy a home in the near future. (I would love to be able to take advantage of this year’s tax credit.) However, we currently have no money saved for a down payment and have “Fair” credit. I anticipate that we will be looking at houses in the $ 200,000-$ 210,000 range in the King of Prussia, PA (suburban Philadelphia) area. Also, we would need to keep our payments less than $ 1,500 per month.
I guess what I’m looking for is advice on what I need to do to prepare to buy a home, what options are available to me as a first time buyer (and does it matter that my fiance is not?), and what are some realistic expectations I should have? Further, are there any legitimate downpayment assistance grants/loans available?