I live in Colorado, just starting a new job where I will make a minimum of 68,500 (medical field so I will be able to increase my income to about 75,000 with extra hours). I’d REALLY like to buy a house, but with being a new graduate, I basically have very little for a down payment. I don’t know how much of a housing payment I can afford per month while still saving money, etc. No student loans need to be paid off, the government is doing that for me, and I have minor other monthly payments, no children, and I am single…

My question is, are there any downsides to an FHA loan?? Can someone give me a straight answer about how much of a mortgage I can afford, instead of these generic online calculators?? DON’T REPLY WITH GENERIC ADVICE THAT I HAVE ALREADY FOUND ONLINE. I would like to hear someone’s personal experience. Being a first time buyer, I don’t want to live beyond my means and become another casualty of the housing market…Thanks!

My boyfriend and I are buying a home together but he can not be on the mortgage because of his poor credit. I do not qualify for the 00 first time home buyer tax credit but my boyfriend does. Does he have to be on the mortgage in order to qualify for the tax credit or can I put him on the deed and will that qualify him for the tax credit?

The IRS has confirmed that if he is on the deed, lives in the house and can prove, that he has contributed towards the payment of the house, he does qualify for the credit. I am very comfortable having him on the deed but not on mortgage. Without getting into detail, his credit issues are understandable. I am awaiting to hear if the bank has any issues with him being on the deed. I will select the best answer then.

My grandmother lives in a Co-op in New York and I help her pay the maintenance, I used to live with her for several years until 2 years ago. Both of our names are on the co-op contract as share holder as well as on the Mortgage Interest Statement, Form 1098. I never took a mortgage or actually purchased any home. My question is, am I qualified for the 8000$ first time home buyer tax credit in case I buy an apartment in 2009?

I really need help! I am purchasing a condo in MD and am quite confused. I will be paying the full mortgage, however want to add my father somewhere on the property in case something tragic happens to me (don’t want the state to take it!).

Is there a way I can add him to the property without tax implications? He is already a home owner. I want to be the primary homeowner. I don’t want it to show as he owns 2 homes and then worry about taxes. Any suggestions? I know I can create a will, but putting him on the property would be better.

I haven’t purchased the condo yet, but am in the process of doing this. So I wanted to know that if it would make sense to add him as a co-owner, because I would rather do it now then have to pay for an attorney later. I’m not worried about selling without his consent or anything.

I’m very new to this, so want to know what people usually do. When you buy a place, what do you do? I would obvisouly rather have my family have ownership over it then some bank. I know I’m thinking into it, but life is unpredictable! I want to know before settlement in case I need to get work done by the title company. It seems like most people are suggesting not to add him because I might lose any available tax breaks.

Thanks in advance for your help!