When to apply

finally, your description of your situation looks quite promising. you'll want to have a property chosen by late february or early march to assure yourself (or somewhat so) that you can be moving prior to may 1.

you're going to find that a rate lock won't be tendered until you have located a specific property. depending on where you are located, you may be fortunate enough to have a state bond program that will afford you a reduced rate in comparison with conventional financing. check on your state's website for details on that.

if you are preapproved with excellent credit, you'll be in fine shape if after a few months you've not found anything and feel the need for a new preapproval and a new credit check. the only adverse things that can happen to your credit would be things under your own control, such as late payments or too many attempts to obtain new credit (other than the mortgage you're seeking, that is).

it wouldn't hurt too badly to start shopping now, but if you found something quickly, you'd have to make a hard decision about breaking a lease, not something you'd be hoping to do, i'm sure.

in the meantime, save as much money as you can; keep paying your bills on time; eliminate debt if possible; counsel with friends and family to learn who your best bets are for legal assistance, real estate assistance, borrowing assistance; and don't decide at the last minute that your current boy/girl friend deserves to be on the title to the home despite his or her lack of credit, credibility, income, etc.

in other words, just be careful.

Thanks, I've spoken with 2 brokers and given them my financial info to see around how much i can borrow.

I have no intention in breaking the lease. After the lease I will go month to month.


I've been looking at listings and checking their past assessment/sales values. Current prices are lower but no low enough.

I was to physically see the condition of theses house.

thanks

i'm not casting aspersions on brokers, but just asking this, as it regards any potential bond program:

do you know if the two you're dealing with are eligible lenders if it turns out that your state has a bond program you'd be eligible to borrow under?

I really don't understand a bond program. The state is VA. I've looked into state assistance but earn too much.

I have to go FHA because I don't have 45K plus for down payment.

are you referring to Virginia Housing and their programs? their maximum income limits are $63K for a 2-person household or $73K for 3-person, depending on specific locations.

if that's not where you checked, you may want to visit their site - i simply googled "virginia housing." what they offer is what i've been referring to as a bond program - typically a state agency sells bonds that end up providing the funds - at cut rates - for borrowers to take advantage of when buying a first home.