You're going to want to speak with a mortgage broker, rather than get a random lender's name off the internet.

I suggest the yellowpages, or asking some one who really knows whta their talking about.

Hi Just wondering if you've been able to find any help.
There are a few options for someone in your situation.
feel free to PM me or email me with any questions




William Clifton
Senior Mortgage Consultant

300k seems a bit too much house for your income, I was once told 3x your annual income is the highest you should go.

Actually Mark his debt to income isnt that bad its right near the mark. a second borrower would make it a much smoother transaction though as 660 in todays market isnt as pretty as it was 4 months ago... most banks want 670 or more for manual underwriting and D/U approval. 660 he can still get prime rates though and there is always the option for FHA as long as the mortgage limits in his area are above his spending limit. I wouldnt look for anymore than $300,000 and it would probably be a safer bet at $250k but he cant get too accurate of a quote without looking into his tradelines and factoring in all his current debts.

Kristopher. your sceario is fairly typical. We can talk about me and my experience or we can get you submitted to my underwriters for pre approval.
I am a direct lender and I have 13 underwriters that I can see in person everyday. We have been approving loans that make sense since 1999.
We will look at all compensating factors and not back into the loan like others.
Ron Aguilar, Meridias Capital

It sounds to me like you have a little time to get situated for the purchase. First I would recommend cutting off all unnecessary spending over the summer and concentrate on paying off your credit cards and other debt as much as possible. Maybe it would be worth getting a second job for the summer. If your girlfriend is participating, even without being on the contract, have her help you erase your debt. Get a copy of your credit report, maybe sign up for a credit watch service for a few months and get your scores above 720. This will make a huge difference on your rates and payment. Save up a minimum of 3% (required for FHA loans), thats $9000 on 300K, for a down payment. Yes, there are still 100% loans out there, but you will pay a higher rate for them. Check into HUD options. Find a local lender that you can sit down with and discuss these options. A broker may (or may not) charge you more than a bank, but will have more options, programs, and rates to choose from. Finally, buy a home that you can afford on your own, even though your girlfriend may be willing to contribute. You never know what things may happen in life, so be sure you can do it yourself if necessary.

That is great advice Dru. I didn’t know that you would get a lower rate if your debt was paid off. Interesting. I was thinking of buying a house, but it is a sellers market so I don’t want to take the chance. I would rather concentrate on paying off my debts. That is just logic.

Plus, I read on another board that it is actually better and cheaper to get a mortgage from a credit union. Any thoughts on that?

I have heard that also about credit unions. I would agree with the market the way it is that now would be the perfect time to maybe get your financial stuff together. Talk to some lenders there are alot of options out there that I was never even aware of when we were looking to buy.

First off, make sure your credit is in order *before* you begin applying. Also, each time you apply it will show up on your credit report and that can hurt you, so do your research first, and then go from there.

Second, work with someone local that you can trust. Find someone you are comfortable with and has been in the industry for some time. Credit unions can be very, very good but check them out anyways.

Lastly, research the company as much as possible. You don't want your loan sold off if you can avoid it. Bigger companies like Countrywide and Wells Fargo may not give you the best possible service, but their loans are solid.

Finally, stay far far far away from anything variable rate. Interest-only loans are fine if they are fixed interest. Variable rate mortgages are more for short-term purchases where the rate can be locked for a period of time. This includes option-style mortgages as well.

Just a caveat to what Mynion said, if you are applying, do it all in one day, the reporting agency will count it as one inquiry then instead of 7 if you went to one place a day for 7 days.

The ARM's have really been getting beat up a lot lately in the media and everyones afraid if them. The problem isn't the product as much as it is L.O.'s not knowing the product well enough and not explaining it to their clients. If you are informed and understand there are a ton of great interest-only and/or adjustable loans that may be a good option, however, too many times someone is too worried about getting a commision or are ill-informed themselves and thats how people can pay a mortgage for three years and owe more on the loan than they did when they bought the house or worse, lose the house altogether. ARM's aren't evil. They aren't for everyone and they are dangerous if you don't know what your getting into.

Kris, check out my website Home play with the calculators and leave contact info. I work with many first time home buyers and can guarantee unbeatable service. If you like e-mail me directly t.ipp@hotmail.com I look forward to working with you.

Did you ever get help with this? I would be more than happy to assist: rates just went down and this sounds like an easy transaction. Hvae oyu made an offer yet? I can issue a pre-approval and lona committment within 24 hours if you would like to complete a short application on my websitewww.preferredrealtypartners.com, or feel free to give me a call:866-599-8480. Julie at US Loans/Julie at Preferred Realty ( real estate and mortgage). Best of luck!