Should we buy a home? Or when is it a good time to buy our first home?

Tips and Deals Forums Consumer Credit Improve Credit Should we buy a home? Or when is it a good time to buy our first home?

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    Here are some facts about me and my DH.

    *We reside in San Antonio, TX
    *I make $ 40K, hubby makes $ 20K
    *We have $ 4000 from savings
    *He is a full time security Officer
    *I am an employee of Teksystems, BUT an hourly contractor for one of their clients.
    *Right now were renting at $ 1000 a month
    *Ideally if or when we do buy a house, we would like our monthly mortgage payments to be kept at $ 1000 a month.
    *I have spoken to a few mortgage brokers and consultants and they all said to me 3.5% is minimum downpayment for an FHA loan.
    *If that is the case, it is possible we can purchase a $ 130K home, and the downpayment would be $ 4000
    *The consultants also told me that my 679 credit score will not affect the given APR rate on the loan – true or false!
    *I guess my main concern is, is it worth ME buying a home even though I am an hourly contractor- whose contract can be stopped at any moment by the client of the recruitment agency?? OR would it be best to wait until I am made perm that’s a big IF I will ever be made perm (right now I have been working for their client for a year now).
    *Who’s to say that even one is PERM that you made lose your job much like a contractors contract will be stopped and not extended?!!?

    Can someone please advise

    full time perm employees of a company are still being laid off, so what is the difference. nowadays there is no job security.
    I already spoke with the mortgage broker and he knows I have 2 years worth of work experience.
    if the home we want to buy costs $ 130K, can we negotiate and bring it down to $ 127K including for the seller to pay for the closing costs?

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