First Time Buyer Questions

QuestionsFirst Time Buyer Questions
Cheryl Hardiman asked 6 years ago

Thanks in advance to anyone who has feedback

1. Should I apply for a FHA or Conventional loan?

2. How big of a problem is the fact that I will not have two years of rent history? Can I still be preapproved with auto underwriting?

3. Are any associated fees like appraisal, land surveys, and title insurance my responsibility upfront and how much should I save for these? If the homeowners have an appraisal or survey should I use theirs? Is any of this included in the loan or do I pay this before closing?

4. Should I get preapproved before talking to an agent? Any tips on finding a good agent? How will I know how educated my agent is if I’m not mortgage savvy?

5. My AAOA is currently 6 months. I plan to purchase a home no later than 1 yr 7 months. If I do not open any new accounts will my AAOA be 2 yrs? Is it possible to get a house before my AAOA is 2 years in my situation or should I wait?

My info….

mortgage credit scores via myfico

EQ 654. TU 671. EX 648
☆☆☆I expect or hope to increase these scores to at least above 680 by purchase time.

Collection = 1
2012 dr bill. Paid $ 478 closed $ 0 balance

aaoa currently 6 months but I don’t plan to purchase for a year or 1 1/2 years.
oldest account 11 months

Income 63000
employed full time 2 years
drive a semi paid by mile and quarterly bonus

Monthly debt….
Cell phone 200
car insurance 75
no work related expenses except my food

50 k in savings

Location…. jackson tn
single family home
move in ready
$ 70,000 -:$ 80,000
Primary residence

Home Mortgage Interest Income Tax Deduction 2012, 2013