Young couple with pretty good income, but low down payment, can I buy a home?
I’ve gotten through advanced calc and computational analysis courses, but navigating the world of finance and mortgages is still a bit daunting.. any help would be appreciated:
I make $ 75-80k and my spouse makes about 40. We’ve been renting in the MD-DC-VA suburbs for 4+ years, with perfect rental history (paying about 1300/mo), and have average credit.
We’d be first-time buyers. I know we could easily swing the monthly payments, it’s just the initial costs I’m not sure about.
Anyway, given this income (total about 110k/year before taxes), and a small (say 3-5k) down payment. What options, if any, are there for buying a 250k-300k (town)home? (we’re 25 years old if that matters)
I’m aware of FHA loans, but how/if they would help lower the inital costs is still a mystery.
fyi you did sound caustic, and the plan is to wait at least 4 months. I’m looking for some info and others’ experience.