Profile picture for user7666894

Do you think I am eligible to buy my first home?

Hello,
I am interested in buying my first home. I have a career and have a reliable and steady full time job and make about 34 thousand before taxes. I have not held my job a year yet because I graduated college in May 2012 and didn't get my job until a few months after. Would I be approved with 630 credit score and 28 thousand of student loan debt? I am interested in the first time home buyers program. 

I really would love to own my first home. My friend recently got approved even though she has more student debt than me worse credit but makes around the same income. 

What do you think based on my info?

I appreciate your help.

Kayla
  • February 17 2013 - Fort Wayne
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Most lenders require a 640 credit score.. You are very close so work hard to get your credit score up by making all your minimum monthly payments on time and contact a local mortgage broker who can coach you on how to increase your credit score.  A mortgage broker can shop for loans for you from a variety of lenders and find the best loan for you.
  • February 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for JoshBarnettREIB
What did your lender say?
  • February 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Kayla,

The local lenders here in Fort Wayne require your credit score to be at 640. I do have an out of state lender that will go below 640. It would be a good idea to contact them to see what you would qualify for because they will look at your debt to income ratio. With a 630 credit score, you should be able to qualify for FHA financing putiing 3.5% down. Contact me if you would like more info.

Thank you!
Nanette Minnick
  • February 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

There are many variables... but there are many home buying options, including USDA! Every situation is different and because of that, you should talk directly with a loan officer/lender.
  • February 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for Ofe Polack
The best advice we can give you is to meet with at least two mortgage brokers and seek their advice.  The best of luck!
  • February 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for wetdawgs
What do I think?   Maybe.     I did notice you didn't mention down payment amount or the amount you are considering for purchase price.   Make sure you have enough money for an emergency fund in addition to purchase expenses before you jump into a purchase.

Why not play with the affordability calculator for a few minutes to see what you come up with.     

Here's a link to Zillow's buyer's roadmap.

Which first time home buyer program are you interested in?  
  • February 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.