I am looking to buy a house for just under 70000 in Pennsylvania. Based on the following will I be able to?
In 2007 I made 15200 and in 2008 I made 23000. My credit score is 718. I would be the primary signer.
My father makes just under 150000 a year and has very good credit dont know his exact score. He would be the cosigner.
I am a full time student and currently have about 5000 to my name. Assuming I could make the down payment Dads help to be paid back later would I be able to get an adequate loan?
I would have people living with me paying rent although I do not believe this matters when getting a loan.
My thought is that with my dads history I shouldnt have a problem getting a loan. Is this thinking correct?
Thanks
Depends on your dads debt load and current mortgage etc. All the rules have changed.
You are a first time homeowner who is also low income. You need to do some research and look for help from the government. FHA has great programs just for people in your circumstances and with the new housing credits and what not you may be able to do this on your own with as little as 3 down.
Go to http://www.fha.gov and search on first time buyer
Good luck
It really depends on your debt to income ratio as well as your fathers.
Good luck
My advice is to start saving now so you can show you have ample amount usually about 2 months worth of mortgage payments in the bank.
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details including: Employment and income records Tax Returns for the last few years List of assets List of liabilities and what you owe Your budget showing monthly living expenses so that you can demonstrate an ability to pay.
http://www.worldbestloans.com/homeloans.htm
With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases you can obtain a preapproval or prequalified certificate which shows how much you can borrow so that you can then shop for homes in an appropriate price range.
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