AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question I am looking to purchase a home in Georgia in March of 2009. I will have $5,000 to put down. But i would like to pay my car off in March which is $2,000 so that would come out of the money i will be using to put down on my home. Is that a good idea to do so? and just put down $3,000. And should i wait a certain amount of time to apply for a mortgage loan if i do decide to pay the car off, so that it will show on my credit report as paid?
Also, we are moving from Florida. My husband and I are currently employed, but when we move, my husband will still be working and traveling between FL. and GA. until the company has opened the sight in GA. And for myself, I will have to find a job there. So my question is, will that affect us being approve for a mortgage loan if my husbands employer is in FL. and I'm employed in FL. if not by that time i have not found a job in GA. yet?
Answer Hello,
The first question you'll have to decide is this; how much are you going to pay for a house. The reason this is so important is, there are no more 100% loans out there. So, you have to choices, one is the FHA Government sponsored loan which requires you to put down 3.5% and a conventional loan which requires at least a 5% down payment. Then you still have closing cost, which range for 4-6% of the loan. You can ask for a Seller Concession, this is where the Seller contributes up to 6% toward your closing cost.
So, on a $100,000 home on a conventional loan, you'd have to put down $5,000 and on a FHA loan, you'd have to put down 3,500.
As far as your husband living in Florida and want to buy in Georgia goes, that should pose no problem. As long as your qualify for the loan on one or both of your incomes. You should also know this, if you aren't working then you won't go on the loan, but may go on the title on a conventional loan, but not a Government loan.
Hope that helps you figure out your options a little better.
