First-Time Homebuyer (maybe)

[CuatrodeMayo]

Allright, mortgage experts of OKCtalk...

My wife and I have decided we need to make some decisions for our future. Among a few other things we are considering, we are thinking about buying our first home. We currently live in the inner northside of OKC in a one-bedroom apartment. Our daughter is almost a year old and is quickly outgrowing the breakfast nook we are using as her bedroom. With the 8k credit being extended to April, We figure now is the time.

Our credit poor to fair (600ish) and we don't have a large downpayment. Our pricerange is around $70k. The best option I have seen so far is an FHA loan, but I really don't know much about mortgages in general.

I have spoken to a poster on this site about it, and he has been most helpful, but I would like other opinions as well.

Whaddya think?

[PennyQuilts]

I think you are showing excellent sense. My first home was through FHA (decades ago) and it was one of the best decisions I ever made. Oklahoma has a fairly stable economy and housing, seems like so what do you have to lose? Just be sure you pick a decent neighborhood. If it were me, I'd get a smaller house in a decent negihborhood rather than a bigger house in a crappy one. And they say to get the worse house on the block. Sounds like a good time in your life to take the plunge. Good luck!

[windowphobe]

I have the smallest house on the block. (Curiously, because of the way the area was platted, I have the largest lot.) Don't think it's the worst, but I definitely subscribe to that theory.