1st Time Home buyers in Metro Atlanta

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1st Time Home buyers in Metro Atlanta

Jason Maduko
Woodstock, GA · Member since 2011 · 1 post · 0 votes

Hello everyone,

I will be a 1st time home buyers and need some advice on what type of mortgage loan I should pursue and can qualify for. I'm looking for maximum of a 120K single family home in the metro Atlanta area. Listed below is a summary of my financial and credit profile:

Income/Savings:
94K annual income (58K from primary employer + 36K combined from part-time work)
20K in savings and have an additional 20K towards a downpayment

Credit scores:
TransUnion 649, Experian 665, and Equifax 637 as of 12/10/11; credit simulator claims that my scores should jump ~20 points if I pay off my credit card balances

Debt:
About 3K in credit card debt; all current
About 380K in student loan debt (majority from medical school); but all student loans are current and in deferment.

Based on that information, what type of mortgage loan would offer the best chance in being approved? I appreciate any and all advice.

Jay

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    14y

    Based on your cash savings and financial profile, it sounds like you could probably qualify for an FHA loan, which is certainly what I'd recommend. You'll need to put down 3.5% of the purchase price and could likely get a 30 year fixed rate at about 4%.

    If you want the contact info of a great mortgage broker (i have no financial relationship with him but he's done about 20 loans for people I've recommended in the past 2 years), just let me know.

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  • Aaron McGinnis
    Contractor · Atlanta, GA · Member since 2008 · 978 posts · 985 votes
    14y

    Jason -

    Call up a Suntrust loan officer and ask them about their Doctor Loan program. I just closed a house in the $320k range for a Doctor in residency in Atlanta... it was probably the easiest transaction I've ever seen, and he got an amazing deal. (0% down, APR under 3%... he actually walked away from closing with a check for his earnest money!)

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    14y

    Wow a medical student can rack up almost 400,000 in student debt?

    Holy crap I didn't know that was possible. I thought your income was decent until I read that.

    That Doctor loan program sounds very interesting.

    Are you buying in Woodstock,Ga?? I grew up there as a child before moving to Canton.

    120,000 should get you a decent starter home in Woodstock.You can find one that used to be in the 180k to 200k range at the peak back in 2008 for 120k now.

    When looking if you are not happy at 120,000 in what you find bump up to 140,000 or so and you can negotiate down to your 120 range.

    You don't need to pay off your credit card balances just get them below 33% of available credit limit and it will boost your score.

    I know doctors that open up practices and have to pay off very expensive equipment over time but didn't know the schooling was so expensive.

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