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How hard will it be for me to get financed to buy my first home?
Hello, I am in college and my fiance is in cosmetology school. We have a 2 year old daughter. We are currently renting a home from my mother's friend for $500 a month. We pay all our utilities. We are a low income family, I make about $600-$800 a month. We want to get financed for a home. We have money saved from tax refunds for a down payment. If there is anything I should know or should expect please let me know. Any information or advice will be greatly appreciated, thanks!
4 Answers
- Rick BLv 79 years agoFavorite Answer
Once you both get out of school and earn more, then you can qualify.
You earn less than 10,000 a year. There is no home you will qualify for.
If you make $800 a month, how do you pay $500 a month, plus utilities, plus food, plus transportation...
Impossible
- bdancer222Lv 79 years ago
I'd say it would be impossible. You simple do not make enough to qualify for any type of mortgage. Based on your high income estimate, you can only afford $200 for a mortgage payment.
How are you affording your current rent and living expenses? I suspect you are living on student loans. Those will have to be paid back and could make your debt to income ratio even higher on down the road.
You both need to finish school, get full time jobs, and get yourselves financial established before you even think about buying a home.
Source(s): BD - 9 years ago
How hard it will be depends on your credit score along with your mates and the items listed on your report. Check out the HUD.gov website and shoot for an FHA loan. These loans stop you from taking on more than you can afford and include your taxes and insurance. Plus if ever down and out there are different options available to assist. Good luck!
