Best way to find a good mortgage?

[easjer]

We're looking at townhouses in the area, and have found one that we'd really like to make an offer on. We're not totally convinced that now is the right time to buy, but I'd like to see what we can get approved for and what kinds of terms and rates would be available, because that will help us make a decision, you know?

Some issues that we are looking at: my husband has only been employed full time for three months. He was previously employed by his current bosses for three years, but in a part time capacity. I've been told that may mean worse APR for us, even though his job is not going anywhere. Also, he doesn't have much credit built up. Practically none, to be honest. I've got a decent to pretty good credit rating (which will go up when I close one of the open accounts that has been paid off, and pay down the other). The third issue is that we have no money in the bank, so really none to put down.

But based on what I've read online, the amount we're looking for shouldn't be a problem to secure, that based on our finances (without regard to credit checks), we should qualify for about $40K more than what we are looking for.

Anyway, I've been told to work with a broker who can get the best deal for us, but no idea how to find one, or if it would be better to try with our bank or what. So yeah. We'd just like to have all the information on hand. Any advice is welcome.

[NINERS4LIFE]

Are you a first time buyer? If so, we could try for FHA (better rates and not credit score driven) where even with marginal credit we can shoot for around 7% or better. Also with FHA there are down payment assistance programs that can help you get in with little down. Everything depends on the the seller and how much they are willing to contribute.

We can build a credit history for your husband by using alternative credit (cell phone history, light bill, phone bill etc.) if you need to use his income and you don't have enough active credit. If you have at least three active tradelines, you don't have to worry about his non-credit history because you guys are married.

Is he paid hourly or on commission? If hourly, you can use his income with no problem.

Also, just to keep in mind, find out what the HOA fees are per month at those townhomes. Those fees can bump up your payment alot higher. Townhomes tend to have higher HOA fees than regular homes.

PM or call me if you have any more ?'s

http://premier-gsgmortgage.com
Frank Martinez (Loan Officer)
Premier Mortgage Funding
9310 Broadway
210-930-4440

[easjer]

All the utilities and phones are in my name, since he pretty much moved into my apartment, etc. I've got three active credit lines (though planning to close one, now that the item is paid off, and trying hard to get the other two paid down/off), a student loan, a car loan paid off next month (:elephant), and all major utilities and a cell phone. My husband is paid hourly.

We've already spoken with the seller, the HOA is very reasonable and will fit into our overall budget for housing. The really big variable is the interest rates. If it's too high, we'll wait to build his credit, pay off our debt, save up some money. And yes, we are first time buyers.

[NINERS4LIFE]

Don't close those credit lines just yet. That way you won't have to worry about alternate credit. If you want, we can get you prequalified and see what you can qualify for and at what rate. If you have the property info. we can get you a Good Faith Estimate with the closing costs and payment figured in.

Let me know. You're not obligated to anything and there won't be any fees to do this. I can let you know what your options are, once i get your info.

[scott]

www.bankrate.com