Can I be approved for a loan? I graduate from college in May. I have already signed a contract with a company in Winston-Salem, where I will be making 45,000/year. I have 2 credit cards (totaling $450) & a personal loan ($1500) these are to help build my credit; they will be paid off prior to graduation. I have a car payment of $196. Outside of that, I don't have any other debts. My credit score is between 620-680, I'm not sure but it should increase when I pay off my minor debts?! I worked part time for Starbucks for 3 years. I left there in June 2009, to accept an internship. The internship turned into the full-time offer, in which I accepted, upon graduation. I also have continued to work part time with this company while I finish my college career. So by the time I apply loans I will have been there for 9-11 months. My start date for full time employment begins July 2010. However, I would like to close & move prior to that. I would be able to afford my mortgage payments with my part time pay. I have a few thousand saved; however, I don't want to use it for a downpayment unless I must. I have around 3-5% that I can use if necessary. I am looking for a loan around $100,000-116,000, for a townhome. I estimate payments around 800/month, which is why I want to purchase as opposed to renting. The places I am looking at renting are in the same price range, so if I don't have to, I don't want to throw $850/month to rent when I can put it towards a mortgage. Is purchasing a feasible option? What kind of loans should I consider, being a first time buyer? I have found a few townhomes, could I offer a lease w/puchase option if I can't get a loan? Thanks so much!January 20 2010 - Winston-Salem00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.