I have heard a great deal about FHA loans but am still unclear on how exactly that specific process works and if it has drawbacks or negative aspects that go along with it.
Me and my wife have been looking at a lot that is currently listed at property value $397,000.00, estimated mortgage rate around $1,359.00 a month, take it or leave it that is the Zillow estimate. We live in Northern California (well, Folsom which is around Sacramento) and are relocating from San Mateo where prices are just getting out of hand. I am wondering, me and my wife have a combined income of $75,000.00 more likely 76, 77 but that's without appx. Would this be a bad time to look at purchasing a home that is worth around 400k and will banks even consider approving? This my first time buying a home so any advice is welcome.
Thanks for your time,
- Mike
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