Posted on: 26th Jul, 2009 12:48 pm
Im 25 years old and Im looking into purchasing a home in El Paso, Texas.
I only make $41,000. I have no credit card debt, no car payment and no school loan debt. The only debt I have are the essential phone, cable and other minor bills. I have a credit score of 630 (not the best) and I have $5,000 in savings.
I am wondering If based on my finances , if I am ready to buy a home. Can I afford a $150,000 home? What can I qualify for and what would my payments be? I am tired of renting and want to establish equity. What do you think?
I only make $41,000. I have no credit card debt, no car payment and no school loan debt. The only debt I have are the essential phone, cable and other minor bills. I have a credit score of 630 (not the best) and I have $5,000 in savings.
I am wondering If based on my finances , if I am ready to buy a home. Can I afford a $150,000 home? What can I qualify for and what would my payments be? I am tired of renting and want to establish equity. What do you think?
mutep, from your last paragraph, it appears you are mentally ready. that's at least half the battle. it seems like you'd be reasonably well-qualified for the purchase of a $150K home - lacking debt is a good thing. i'd think you'll be best served with an fha loan, due to your score. of course, there's 8000 more reasons why you may want to buy this year, too.
mutep
A person in your situation, this is the best time to buy a house and take advantge of $8000 offered by the govermenet alogn with some very low interest loans.
Your credit score will require you to go with a FHA loan.
Good luck and feel free to ask
A person in your situation, this is the best time to buy a house and take advantge of $8000 offered by the govermenet alogn with some very low interest loans.
Your credit score will require you to go with a FHA loan.
Good luck and feel free to ask
I think its better you get an home and qualify for 8000$ and help american economy :) . I wish i can get that cheap homes in northern virginia which are decent..
hi Mutep....
you can qualify for FHA loan as your score is above min. score required for FHA loan i.e 620... You also don't have debts, that is in your favor.... Your payments would depend on interest rates and the time period of the loan... You must meet other FHA requirements in order to qualify for the loan....
All the best.... :D
you can qualify for FHA loan as your score is above min. score required for FHA loan i.e 620... You also don't have debts, that is in your favor.... Your payments would depend on interest rates and the time period of the loan... You must meet other FHA requirements in order to qualify for the loan....
All the best.... :D