Movin' on up

[*Wing of Zock*]

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Okay,

So now that I know I've matched, my wife and I decided to put apartment living behind us and buy a house. The problem is I am an absolute idiot when comes to making a purchase like this--I get nervous buying a box a Froot Loops.

Anybody got any links to sites that might help me out, or any advice at all??

 

[PhantomShadow]

Check out the Financial Aid forum on SDN. There are lots of helpful hints there. Remember that many banks/lenders allow residents to have $0 down/no PMI and minimal closing cost loans after you show them your signed contract.

 

[Seaglass]

It's important to know that you can also be APPROVED for a home loan before you actually have your contract in hand. You just need the contract to CLOSE on a house. See my thread on Gen Res for my lender info. I was approved for 140k on a 5/1 ARM 4.125% interest rate with a $350/mo car payment and FICO score of 760+.

Word of advice: clean off your credit cards. My wife and I put our car payment, electric, etc. on there every month and pay it off every month. Unfortunately, to the bank this looks like a floating balance that we are making minimum payments on - bad for the debt ratios.

C