We are both first time homebuyers

[Hawkeye-X]

Can someone tell me what kind of mortgage we should get for a $158,054 house?

https://www.efirstbank.com/personal/rates/mortgage.html

Our income will be "fixed" for the first 6 months, then we will have more money. The income is $45,900.

So any advice would be terrific!

[LostinVA]

1. 30-year fixed -- FHA or other

[Gormy Cuss]

2. 30 year fixed. You can refinance later.

If your credit is good you should be able to find a loan with the best rate and minimal closing costs. The lower your initial closing costs, the sooner it will make sense financially to refinance.
That's a general piece of advice based on the numbers. What really works best for you may be something else. If you haven't done so already, buy a book on home buying and read it. Supplement it with web articles and advice of friends and family.

[LynneSin]

3. Do NOT get a variable

Because one day your variable will go thru the roof and you'll curse the day you were talked into a variable rate.

You can probably get an FHA loan - which is a good way to go

I'm a first time buyer too. I have a 5.6% rate, but I'm getting it thru the bank where I work so it's suppose to be a reduced rate with reduced closing fees.

[ScreamingMeemie]

4. Go FHA and then drop your PMI (mortgage insurance that all home

buyers with little or no down payment have to pay) dropped after a year or so, depending on the market you are in. Try not to mortgage more than the amount you are offering. There are many reliable calculators on the internet that will help you figure out payment. You might want to go the other way around. Use the calculator, plug in your income and find out what amount you can afford. Just remember, they stretch it quite a ways. Good luck!

[NewJeffCT]

5. do you have money to put down on the house?

I'd recommend 20% if possible, to avoid the PMI.

[Hawkeye-X]

6. We're doing this through Colorado Community Land Trust

http://www.coloradoclt.org/

We believe we qualify for that trust.