Angie - this is such exciting news! If you do decide to become a home owner remember that the bank should set you up with a person qualified and licenced to do a
home inspection. This will save you peace of mind and possibly $$ if something doesn't work correctly after you purchase and move in. Even though most is new in the house it doesn't mean the work has been done correctly or is to code. I cannot stress enough about first having a "home inspection".
The bank after going through your paperwork will be honest about your debt to income ratio to insure you qualify to safely make the payments for this home. Due to the recent amount of bankruptcys in our country, banks have been left out to dry because persons buying homes can now not keep up with their payments, etc. And the homes are left to foreclosure.
So banks are getting stricter and wiser on their pre-qualifing for home loans.
Another thought, is I do NOT recommend you getting a variable rate mortgage. So often people say "well we will for sure make more money down the road when that payment goes up". Only to find that this is not always the case and they have to place their loved home into foreclosure.
If you can, lock into a interest rate and do a 15 or 30 year mortgage. Then later down the road if the rates drop you can refinance and save thousands in money.
This is a HUGE step in your life and I am so very thrilled for you. Do send us pics if you can and keep us posted on how all the process is going.
