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Not sure where to put this but have a question about buying a house??

okay me and dh are wanting to buy a house! We live in ohio! im not sure about our credit history i know we are never late on anything and we have no debts. im 22 and hes 21 he works and makes around 700 to 800 every two weeks, we are paying 520 in rent now and plus 270 with the other bills so around 790 a month!
we are really wanting to buy a house b/c we are paying so much rent and we would rather have our own place to raise our family my dh has had his job for almost two yrs and im looking for a job just wondering if there might be a chance to get a loan thanks everyone any advice please

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Anonymous

Asked by Anonymous at 12:16 AM on May. 26, 2010 in Relationships

Answers (6)
  • from what i know, your monthly debt can't exceed 35% of your monthly income to qualify for a loan. check century21.com. theres an affordability calculator you can use to check where you stand.
    rAbella

    Answer by rAbella at 12:21 AM on May. 26, 2010

  • the 270 is car insurance gas electric and cable we own our vechicles
    Anonymous

    Answer by Anonymous at 12:30 AM on May. 26, 2010

  • Call a bank's mortgage dept and just ask them. I hear interest rates are only 4.5% so it can't get much better than that so it's a great time to do it. I'm sure there are websites that can give you the info as well but I like calling someone and have them work with me walking me through it. I made a call and found out by doing so I qualified for a $10,000 grant as a down payment!
    admckenzie

    Answer by admckenzie at 12:46 AM on May. 26, 2010

  • i'd also be saving as much as you can (doing without little unneccessary things like eating out, playtimes, etc) towards a down payment. any mortgage loan company/bank will look even more favorably on you if you have a good amount to put down on the total to begin with. it may not change your bottom line much, as far as monthly pymts go, but believe me, it looks to the loaner that you are serious about making this kind of financial committment.
    dullscissors

    Answer by dullscissors at 8:21 AM on May. 26, 2010

  • You can usually get better terms and a better chance of getting a loan by going through a credit union if you are a member of one.
    missanc

    Answer by missanc at 8:39 AM on May. 26, 2010

  • You can check out your credit report at annualcreditreport.com. Pay for your credit score, it will be about 7 bucks. You will want to see a credit score of at least 650 but 680 or more is better. Call around to banks/lenders for rates nd terms. You may have to have a down payment. The loan officer can tell you. Get preapproved. It is worth your tme to at least try!
    bjane01

    Answer by bjane01 at 2:42 PM on May. 26, 2010

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