My husband and I are looking to buy our first home hopefully by next year and in Sacramento as the market here in the Bay area is way out of our budget. I have been staying home for the past 3 years, raising our son and won't be returning to work for another 6 months.
My husband has stable job for over 10 years, but makes about 30% more doing side jobs under the table. We have no knowledge on home buying or what it takes to approve for a home loan, let alone what price range we should be looking for. We have good, not great credit, and a decent amount of savings that we're hoping to continue to increase. I need to know how to fully prepare to apply for a home loan and get qualified (most likely for FHA since I don't think we can save 30% down payment for a conventional loan). How do we figure out what we can afford and what programs are available for first time buyers. I feel like trying to find this information myself has been overwhelming and I'm hoping to find some people here who have all the answers to our questions. Thanks in advance!
