Hi,
First Time Home Buyer…lots of questions!!!
-Found a fantastic Home for 312K
-Current County Assessment is 293k-should I start here as an asking price
-Own 30acres of land outright valued at around 120k-Does this help when getting a mortgage, can it be used as collateral when buying a house?
-Have about 10-15k to put down-everyone says save the cash, go for {content} down
-I live in VA-we are first time home buyers- are there any Programs available to us?
-We have no debt
-We make 115k a year
-Our FICO Scores are in the 660’s (our child had cancer hit a rough patch)
-My husband will be getting a 20k inheritance in about 4 months
-We have about 80k in retirement accounts
-We have about 8k in a Money Market Fund
I guess what I am saying, is I know the scores could be a little better, but will a lender take everything else into consideration?
-Also, we rent and pay 00/month on time all of the time, can our Landlord reporting this to the Credit Bureaus improve our scores, and id so, how do we do that?
I know it’s a lot, but we need the facts, we really want to stop wasting our money on rent and need the tax breaks due to our income and really love this home. Thank you for your assistance.
Desperately Seeking a Home of Their Own in VA
Also, how do FHA loans work? Is this my only option for a first time homebuyer?
Would trying to get my score up to the 700’s be that much more beneficial?
