First Time home buyer mid-next year…FHA loan?

First Time home buyer mid-next year…FHA loan?First Time home buyer mid-next year…FHA loan?
Josephsit asked 4 years ago

Hi All,


I am looking at purchasing my first new home. I live in Seatte, where the costs are just skyrocketing for any decent house in the area, even beyond the city. There are a few areas I have identified that currently have decent inventory around what I believe my price point is. I am not looking at purchasing just yet (still saving a little more and I have been told I am about to get a raise at work, so if that goes through, then these numbers could go a little higher; no, my income below does not factor this in).


Basically, I’m just tired of paying $ 2,100/month for a small apartment and just wasting away while the market gets worse and worse around me.


I am looking at putting 3.5%-5.0% down and using an FHA loan. Here are my stats:


1. Mortgage Credit Scores:  

    • 715-730

    2. Credit Negatives: 

    3. Gross Income
        $ 90,000
    4. Source of income
        Only counting my full time income above, but I do get $ 300-400/month for outside consulting
    5. Monthly debt payments
      • Auto Loan: $ 330/month
      • Student Loans: $ 350/month (have a year of defferment left if I chose, but I’d rather not).

      6. Employment (for those who are employed). 

      Type of employment

        • Salary full-time
        • Contracting W-2

        7. Assets/Reserves

               $ 40K in savings as of today.
        8. Location:  
            King County, WA
            Snohomish County, WA
        9. Property Description: 

          • Single family home, in seemingly good shape, modern.

          10. Property Value

            • I believe my price point is somewhere in the realm of $ 300,000-$ 375,0000

            11. Occupancy

              • This will be my primary residence, I’ll be living there with my gf, who will pay a certain % of rent, but do not want her income included.
              12. Transaction Type.  Purchase
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