Homeless Man Wrote:
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> So I'm looking at buying a house. My income is
> somewhere around 70-80k, and I have maybe...8k
> saved up in general, 2k in stocks, 5k in my 457,
> maybe 8k in a pension, and 13k in a ROTH IRA. I'm
> 27yrs old with no outstanding debt, and a decent
> credit score.
The bank only cares about your liquid assets. It doesn't care about IRAs, etc.
As for buying a house, with your income you are probably looking at a condo or town home, unless you plan on buying in Stafford. Also, outside of a few locations in Fairfax or closer in, you will be hard pressed to get a loan without 20 percent down.
I believe you can get the first time buyer credit, which will help. However, don't expect any bank to cut you a great deal on a rate. I think they are all pretty much the same these days when it comes to that kind of thing.
Traditionally a bank would try to lure you to an ARM, but I'm not sure how many of those they give out nowadays. I think a bank is going to want you to go with a 30-year-fixed, but not sure you can qualify for one given property values in this area.
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http://bible.cc/1_corinthians/13-11.htm