Some background info: I%26#039;m 25 yrs old, 2yrs out of college, I make around $45,000/yr gross income between a full-time job and a waitressing job(mostly tips, but some tips are reported). I%26#039;ve had the full-time job for 9 months. I%26#039;ve had the waitressing job for 3 months but had other part-time 2nd jobs before that one.
My credit is...fair to good, I%26#039;d say. All my bills are paid on time. I have $9500 in student loan debt %26amp; that loan has a 10yr term(I had it lowered from the original 20yr term). I paid off a $1500 personal loan 2yrs early. I got a 6yr car loan almost 2 yrs ago, and I owe $12,500 on that(original loan balance of $27,000). I owe $7000 in credit card debt amongst 2 Visa cards w/ combined credit limits of $15,300. I%26#039;ve also had some store cards for 3-5yrs now w/ $0 balances. My oldest open accounts are 2 store cards from 2002. I do have a few 30day latenesses on now-closed credit cards from 3yrs ago, due to a time I was completely unemployed %26amp; had to drop out of college
What if I found a good deal on a house...would I be %26quot;fit%26quot; enough to buy one today?
If you are paying that in rent, then go for a house. You are right about just blowing that money on rent. But, do take care of that credit card debt as soon as you can. You don%26#039;t need that yoke around your neck.
What if I found a good deal on a house...would I be %26quot;fit%26quot; enough to buy one today?
you can probably do FHA with no credit lates in the last 12months. they require 2.25% down...and MAY NOT include your waiter job if it%26#039;s a %26#039;part time%26#039; job. You will also need to state the purchase price of the home.
the zero down program will by MyCommunity since you have a credit score above 620. I will still try to get the seller to pay all of your closing costs.
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