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…