Skip to main content

[Nebraska] First time homebuyers in need of advice

My fiance and I are/will be in the market for our first house. As of now we rent a house for $1475 a month. Listed below are questions/concerns that we have.

Concern 1: I have bad credit (630) from a bad divorce 4 years ago. Mostly late payments but my payments have been 100% on time for the last 2 years. And one credit card with a high balance. She has good credit in the mid 700s.

Concern 2: She is a bartender and most of her income is from tips. She makes 11.50 and hour and does receive paychecks every other week. With tips being in cash that's where most of our savings are. I think savings need to be in a bank if you want to use it on a down payment, we're working on that... I make 55k a year and have a freelance job on the side that I make around 10k a year.

Question 1: what would be the best way to go about getting financing? She has the good credit and I have the money available for a loan. I haven't found any good advice online on this situation.

Question 2: has anyone had any luck asking credit card companies to erase missed payments? Mine are on auto pay now and have been on time for 2 years and counting. It's a long shot but I figured I could ask?

Question 3: how do state funded programs work? NIFA is in Nebraska but I cant get much info on it outside of their website. Related to this question: what about FHA or HUD programs?

Our lease is up in May and we dont want to sign another 2 year lease plus rent would go up to $1600 per month. Were looking into a 100-160k loan which would be significantly lower than what we pay in rent. Any advice helps and thanks in advance.

submitted by /u/StupidBeardedGiraffe
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/fa72cr/nebraska_first_time_homebuyers_in_need_of_advice/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more