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Question about a home loan?
Say I have $10,000..worked at my job for 1 1/2 years and my wife has worked at hers for 3 years...not sure about my credit history.. i have a credit card and have just started building it for about a year with no missed payments.. Is it possible for me to get a first time homeowners loan? If so how much?
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| By
Nate C |
Posted on
09/10/08 Total Answers
8 |
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| Answers- |
| Sure! W/0 knowing your incomes, I don't know what you qualify for, but find that out from the bank, then shop for the house. Congratulations! |
| Answer by :
Gefilte Girl On Date
2008-09-10 16:26:11 |
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| Yes, it is possible. First thing you need to do is get your free credit report and make sure there are no negative items on it.
Secondly, you need to know that creditors and banks look at more than your credit score before making a decision to grant or deny you credit. |
| Answer by :
good guy On Date
2008-09-10 16:27:57 |
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| Depends on your credit scores, which is where you start by getting both your free credit reports from all three agencies, and your income. |
| Answer by :
Sandy S On Date
2008-09-10 16:29:35 |
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| I would contact a loan officer. Ask for a referral from someone who owns that could get you to a professional. There is no harm in looking and no cost to you to see what you qualify for. An experienced Loan Officer will get your details and take it to different banks to see what type of loan you qualify for. There are also some great government programs for first time home buyers through Fannie Mae.
But with only having 1 credit card it might be difficult. The banks usually want to see a 2 year credit history with at least 5 trade lines (5 different accounts between you and the co-borrower) Sometimes they can substitute 12 months rent payments or utilility bills but that can get pretty difficult. I suggest getting either another credit card or if you don't want more debt than a secured credit card you put money on and draw from, that counts on your score too.
its good you have cash to put down though. Make sure you have it in an account for at least 60 days though and don't take it out so that the avg. balance remains high |
| Answer by :
Astrid J On Date
2008-09-10 16:38:35 |
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| If you are looking in to buying a house that is a major investment. It is the largest Investment of money most people ever make. I tell people to go to www.myfico.com to pull their credit it will cost about $45.00 for all three reports and all 3 scores, but then you know exactly what then lender will see. The freebie reports give you higher scores than what the banks actually see. My fic is the same scores the banks see.
First things first before you go to a lender figure out what you can afford in your budget for a mortgage payment, property taxes and insurance. A lot of people get approved for more than what they can comfortably afford. You still want to beable to live life, not just work for your house.
They will approve you for anywhere between 33%-50% of your total gross monthly( before taxes) income bewteen you and your wife to be paid out in monthly fixed expenses. Your car payment + credit card payment + student loan payment +new mortgage payment, +property taxes, + homeowners insurance.
Hope this helps |
| Answer by :
Crystal Clear On Date
2008-09-10 16:46:06 |
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| Sure it's possible. . . .but not enough information here to say how much home you can afford. . . .go see a lender and get prequalified. . .
$10,000 is a decent start for a down payment on a home---need at least 3-5%, and more is better
If you have no other debt and adequate income. . . no problem. . .
Rule of Thumb: 1/4 of monthly income spent on housing |
| Answer by :
chatsplas@sbcglobal.net On Date
2008-09-10 17:00:24 |
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| sure, it would be possible, but it would depend on how much of a loan that you're trying to get, the area that you want to buy in, etc. most importantly, you need to know your credit score. both you and your wife's. do not even walk into that mortgage office or bank without knowing those 6 numbers (3 bureaus for each of you). you might get a wicked surprise if you don't know. |
| Answer by :
infinite crisis 247 On Date
2008-09-10 18:17:56 |
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| Yes it is!!
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| Answer by :
advancesloansmortgages On Date
2008-09-11 03:26:17 |
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