Getting a first mortgage in PA?

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Do you think if a combined 2008 tax of $ 47,000 will still make it possible for a married couple to get a loan for a home? If looking around 130-150k?

Looking into credit scores… one partner around 630 and the other 697?

I would love to take advantage of the first time home buyers tax help and stop renting apartments and take the next step.


  1. Reply
    May 19, 2011 at 12:47 am

    I can only see you making it with an FHA loan unless you have a lot to put down. You are at the very limits of the loan for income and do not do this if you have other debt or insecure jobs.

    In truth you really need at a bare minimum 3% down, closing costs, and 3-6 months of living expenses saved in an emergency fund.

    Also bear in mind that here is PA it is a declining market still in most areas and that mean you are buying an asset that will be worth less next year. If you only have a tiny down payment you will be upside down in no time and unable to escape the mortgage no matter what happens because you have no equity. It is a problem because health issue, or god forbid job loss or divorce could be a huge issue when you cannot sell the house because you owe more than it is worth.

    I am here in Eastern PA feel free to contact me if you need more information.

  2. Reply
    †Ask Me Anything†
    May 19, 2011 at 1:07 am

    You may have a good shot with an FHA loan.

  3. Reply
    May 19, 2011 at 1:33 am

    I highly highly doubt it there just isn’t enough income or a high enough credit score, I would guess one would need a credit score above 720 have an income of $ 60K+ and not have any other debt along with $ 10K down and 90-180 days of reserves

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