What type of loan is best for me?
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I am looking to buy my first house in Las Vegas, NV and was wondering what type of loan I should look for. I do not have a significant down payment, maybe about $5,000. I want to get the FHA so I can put the $8,000 towards the down-payment, but would rather get a better rate if possible. Also, will my parents need to co-sign? (I would rather them not, I want this on my own) Their credit is in the mid-800s so would this be able to increase the price of my house? I have only had a steady paycheck for 2 months. Monthly debt: $100 (no car payments, only 1 credit card) Credit: 740-750 Monthly Income: $1600 *What is a price range of house I can afford?*
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Answer:
First, get a realtor to help you with that. Second, check online "How much can I afford" sites Third, with a job for only 2 months, you probably won't be approved. :( Your credit is good, but it sounds way too new. If your parents co-signed, that would be great, but I don't know if they would. Finally, the $8k cannot be used as a down payment.
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