Posted on: 21st Oct, 2010 12:58 pm
I am 24 and Self Employed and am curious as to whether or not I could even qualify or not. My credit score is currently 672 according to Experian. I have zero credit card debt, but 118,000 dollars in student loan debt. My monthly payment on my student loans is 518(my family pays my student loans) and I pay 700 a month for rent. I never miss those payments. I have a 20,000 dollar vehicle that is paid off so no car payments. I have 5000 in the bank. Another 5000 in cash, and 4000 in a savings account. The money in the savings account is what i would put towards the down payment.
I would be trying to buy this house with my girlfriend who is right out of college with a credit score over 700 and no debt. She is employed but it has only been for 3 months. Her yearly salary is 30k
So what are my chances, what do I need to work on. What amount if any would I most likely be able to get a loan for. Thanks in advance
I would be trying to buy this house with my girlfriend who is right out of college with a credit score over 700 and no debt. She is employed but it has only been for 3 months. Her yearly salary is 30k
So what are my chances, what do I need to work on. What amount if any would I most likely be able to get a loan for. Thanks in advance
Hi easternlandscapeservices,
With a credit score of 672, you can apply for a FHA loan to buy a property of your own. You'll be liable for paying 3.5% - 5% down payment if you apply for a FHA loan. You should contact the local FHA lenders and apply for a mortgage. The lender will go through your financial situation and let you know whether or not you'll get the loan.
With a credit score of 672, you can apply for a FHA loan to buy a property of your own. You'll be liable for paying 3.5% - 5% down payment if you apply for a FHA loan. You should contact the local FHA lenders and apply for a mortgage. The lender will go through your financial situation and let you know whether or not you'll get the loan.