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Author Topic: First Time Home Buyer  (Read 2192 times)

Offline 402z28

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First Time Home Buyer
« on: February 06, 2007, 04:42:57 am »
Hi new member here. I have been reading up on this forum and can't find much on first timer home buyer informatio

My fiance and I have just started our new careers and don't have much credit between the two of us, both credit scores around 540. My fiance, fresh out of college, on job for 4 months. I haven't had an exactly stable work history, but have been in the same line of work for 5 years. I currently started a new job for more money one week ago.

   Decent houses around here go between $65-75k. I applied for a mortgage 4 months ago (while at my previous employer) to see what I could get approved for. I only applied at one company and was approved for 90% of $65k. Meaning I would have to come up with the other 10-15%.
I don't have that kind of money, so I've been looking up on 80/20 mortgages. I haven't applied for one yet, due to my very short time at my job.

   My question is, is it possible to get approved for an 80/20 or a 100% loan within 60 days. My fiance and I are set to get married in 2 weeks. Our gross monthly income (together) is $3,200. We are in our early 20's. We have our eyes on a property. (Friend selling house, not yet listed, giving me first dibs). His asking price will be between $65-75k.

   I'm unfamiliar with grants, bonds, etc for first time home buyers or if I even quilify. We don't have much for down payment, maybe 3% or so.


Any and all information/suggestions will be greatly appreciated....


« Last Edit: February 06, 2007, 04:44:59 am by 402z28 »

Offline christopher w

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Re: First Time Home Buyer
« Reply #1 on: February 06, 2007, 07:47:22 am »
It will be very difficult if not impossible to get 100% financing with scores below 580. What is the reason for the low scores? Are there deragotories on their like late pays or charge offs? Your first step needs to be to figure out how to get your credit up enough to allow you to qualify for an FHA mortgage. Will your friend carry a small second lien on the property for a year or two? If so that may allow you to qualify now instead of waiting. Good luck.
Christopher W
C-214.923.5781

Offline lucymay

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Re: First Time Home Buyer
« Reply #2 on: February 06, 2007, 06:51:29 pm »
Also, friend or not, do your homework on any property you're interested in buying! If you're inexperienced and you're friend is going to sell it, walk carefully. Determine objectively what that property is worth, not what he or she tells you. Get a realtor to give you comps. Do research. Be informed.   

 




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