First time home buyer

[Austin Peters]

Hello All, 

Having started listening to the bigger pockets podcast (Episode 35), I have gained a wealth of insight into the facets of real estate investing. My fiancee is a doctor (pulmonary) and is just about done with training which means that we will be starting our next adventure in the Colorado Springs market. Many things excite me about the area, such as the expansion towards the Denver metro and the fractional housing prices compared to its counterpart. 

The reason for this post is my initial realtor through Zillow didn't seem to have confidence that we could secure a loan with a lack of money down which is the primary issue here. We later found out through a friend that we could get preapproved for a 97/3 first time through Fannie Mae, which seems too good to be true to me. The first question I had for the lender was, How high is the interest rate? He reassured me that it was a reasonable fixed rate, but I had my doubts. 

Our next adventure to Colorado Springs will come with a substantial pay raise which will equate to around $400,000. On the other hand, our debt will be approximately $330,000 with student loans and such. The lender assured us that they only care about monthly minimums, not the lump sum. We will have contracts in hand for the lender, which has been more than accommodating. 

I appreciate any help you can provide.

Austin