Have you purchased your own home?

you guys need a 620 to get a loan

income in less you have co signer to back you.

down payment  at-least 5% & closing costs . 

some places  are strict no over drafts  for 6 months or late payments.

 best bet would be to look in to a FHA loan.

I agree you need at least a 620 to get a loan, the higher your/his credit the lower the interest rate.

There are steps to improve you/his credit a credit card ( keep a low balance). A secured loan. Basically you put money in the bank and take a loan out for the same amount using that money as collateral.

IDK if you would qualify. It's all about the credit numbers and your debt to income percentage.



You need to have a lot of money saved. Down payment which is usually 5-10%, prepay the taxes, prepay the first year of homeowners insurance and there's lot of other little fees in there at closing.

I am in the same boat. We are working on hubby's credit. So far we are doing very well. Hopefully we will be able to start the process for a prequalification soon.

Your loan payment should not be more than 1/3 your monthly takehome income. You loan payment will include mortgage insurance and some banks include home owners insurance. You usually have to have home owners insurance but not always. Based on 30000 your loan payment shouldn't exceed aprox 650.00 per month. Find out your credit score and dh, the loan will use the better of the two. The score affects rates and approval. You will need back tax returns and paystubs. Criminal history is not a factor tor a loan but may be a factor in dome communities controlled by s home owners association. If purchasing a home that had a home owners association, find out it last 5 years increase to determine if it is on the rise and if you can afford it. I would stay away from houses with. HOA. Once you find that home, check the tax assessed value to find out if you are paying more or less. Check out the prop online to see the fair market value of the home. If the difference from the assessed value and fair market is large, pass. Before closing get an inspection done, usually the realator will know one. They have to stand behind the inspection do usually fraud is not likely but avoid family of the seller. Be sure to have saved up est closing costs, town payment and moving money. I have purchased my 3rd home last year.

Sorry about the typos. My Kindle likes to switch words on me. Beet of ouch with you home buying endeavor.

Quoting LADYxGHOST:

Your loan payment should not be more than 1/3 your monthly takehome income. You loan payment will include mortgage insurance and some banks include home owners insurance. You usually have to have home owners insurance but not always. Based on 30000 your loan payment shouldn't exceed aprox 650.00 per month. Find out your credit score and dh, the loan will use the better of the two. The score affects rates and approval. You will need back tax returns and paystubs. Criminal history is not a factor tor a loan but may be a factor in dome communities controlled by s home owners association. If purchasing a home that had a home owners association, find out it last 5 years increase to determine if it is on the rise and if you can afford it. I would stay away from houses with. HOA. Once you find that home, check the tax assessed value to find out if you are paying more or less. Check out the prop online to see the fair market value of the home. If the difference from the assessed value and fair market is large, pass. Before closing get an inspection done, usually the realator will know one. They have to stand behind the inspection do usually fraud is not likely but avoid family of the seller. Be sure to have saved up est closing costs, town payment and moving money. I have purchased my 3rd home last year.

I'm sorry I don't know. But I cant wait to buy a home. We have some debt. so it will take us a little longer to but we want one. but we want to be debt free. I wish you good luck :) I'm sorry I just remembered, to get a home loan you have to have credit score of 600 to 650. But look in to HUD. its for first time buyers ( its a program) I think you need to have some money saved up ( I love the home buying shows ) but again look in to HUD, because they will work with you a lot. I hear good things about it

Hi there kiddo..

First let me assure you I guarantee I know what I am talking about.. I am a licensed Loan Officer in all 50 states.. Second, there are 3 things alone that qualify you for a loan.. Your FICO score, Your DTI, (Debt To Income), (what you make vs. what you owe), and 3rd, LTV (Loan to Value on the house).  IF, you are a 1st time Homeowner, you can get into a USDA loan with a 100% financing.. The credit scores may vary depending on state.. For instance, in the State of Idaho, you can get into a loan with a 580 credit score... 

THERE IS a LOT to loans... It is like a puzzle.. EACH client has a different scenario.. 

I CAN HELP YOU... I actually could help anyone in the Nation.

Email me directly... I can get you started and pre-qualified.. It will not cost anything out of pocket to get that going...

dreambig4u2@gmail.com

Some one said <<<Your loan payment should not be more than 1/3 your monthly takehome income.  You loan payment will include mortgage insurance...  Based on 30000 your loan payment shouldn't exceed aprox 650.00 per month>>> which is true.  HOWEVER they also said  <<< You usually have to have home owners insurance but not always>>> which is false, especially for a first time home buyer.  NO ONE will loan you money for an UNinsured home.  If it burns down, where will you get the money to pay the bank, without insurance??  The homeowners also pays for the mailman who slips on your front porch, or the neighbor who is bitten by your dog.  They also forgot to mention that the loan payment includes TAXES--which go up every year, as does the cost of homeowners insurance. 

Lets also not forget that once you buy a home, YOU are responsible for EVERYTHING.  Many homes do not come equipped with a stove, fridge, dishwasher, air conditioning...  You will need to buy that, and furniture.  Also, the day of calling the landlord and saying... My toilet won't flush, my stove doesn't work, I don't have heat, my window is broken, or, I have roaches...is OVER.  You have to take care of that yourself.  On top of that, you also have to pay those pesky student loans,  the car payment, the utilities,  the HOA fees,  insurance, the car tag, the sticker, the phone, the internet, the cable, and groceries!

What *I* spent for my homes is not relevent, since this is Dh & my 3rd home, & we've lived here 25 years. My answer to your final question would be...lots, lots, and lots.

My younger dd bought her home 5 years ago.  Her family income is about $90,000/year, her payments are almost $1000/month, and the total cost of the home was $137,000.

Older dd's bf bought a home 3 years ago.  His income was also about $90,000/year, his payments are about $1400/month, and the total cost of the home was $202,000.

Besides the differences in purchase price, the differences in these payments are due to interest rate, down payment ( which affects how much is actually borrowed), taxes, and cost of insurance. 

It's not easy anymore to get a mortgage, but the prices and the interest rates have never been better so it's worth the work on getting your credit scores up.

You need credit to buy a house or you need someone to co-sign but that is a hefty loan for someone to sign with you, def not something I would do!

You call a realtor and they will go over how much you make monthly and what kind of payment you could afford to make.  Home mortgages are pretty difficult to get as far as reaching their criteria.  With all the foreclosed houses they are trying to make sure that people will not skip out of their house.

My dh had like a 680.  Our house was $78,000 and is was s hort sale, which the name is misleading because it's not "short" at all.  Took us about 4 months and that was actually really fast for a short sale.

I am not sure exactly what we had to put down but I believe it was around $3000.  Our house payment wouldn't even be that high but it's the insurance that really bumps it up.  Our payment is $650 a month.  Same amount as a cheap (small) apartment but you have to take into consideration that you will have home repairs.  We had to put a new roof on our house and we had to buy a new furnace.  Neither of those are inexpensive repairs.

I also noticed that our heat and water bills seemed to go up.

I think it might be difficult for you to get a mortgage, depending on his credit score and if you both use your credit scores to count both incomes otherwise they will only count the income of the one who's name the loan is under.

You might be able to get an inexpensive house.  The house next to me is only a 2bdrm but it's really nice and it sold for $40,000.  That would be a pretty low payment.

Talk to a relator.  They don't charge you until they take their comission out of a sold house.  We talked to a few different realtors before we bought a house.