Question: Neither of us has any experience purchasing a house, and we want to >>make our first home comfortable and pleasant, but we don’t need anything >>large or elegant. We are at a place in life where we are asking everyone >>we know questions about home buying. > Unless you’re in far better financial shape than most of us were > when we bought our first house, the most important thing to > digest is that you won’t find a house which meets all of your > wishes, which means you’ll have to figure out which of those > desires are the most important to you.
Answer: Let me add that since you are apparently currently a student as is your fiance, you will have a HARD time getting a home loan. Lenders like to see job stability (I had to justify being a contractor instead of a real employee when I got my mortgaage). Also, realize that your limiting factors are going to be how much of a down payment you can come up with and how much of a loan you can afford. A 146K house under FHA would cost you 10K for the downpayment and 1.4K in monthly payments. Worth remembering also is that FHA is probably the lowest costs/downpayment loan you can get. I’d assume that a starter home in Indiana will run you maybe 50K so figure needing 3-4K to get in plus 500 a month… I’d be willing to bet that you won’t get a loan without your or her parents cosigning.
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