Profile picture for lylaswan

Hello im a young mother of 4 and in 3 weeks Im getting $1330 can I get a loan for a home with that.

Hello I am a mother of 4 little ones and I am getting one of my student loans for $1330 and was wondering if I would qualify for a first time home buyer and what kind of home loan would be available for me.
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March 29 2010 - Corydon
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Answers (3)

There is not enough info provided. 

We would need the following:

1.)  Amount you have for a down-payment/closing costs
2.)  What your middle credit score is (estimate is fine)
3.)  How much your monthly/annual income is
4.)  Total amount you have in debts (on top of the student loan)

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March 30 2010
Profile picture for ChandaB
wetdawgs is correct, for the most part the requirements mentioned are the norm; however, you may want to consider checking out the Indiana Housing & Community Development Authority.  They do have some programs that will give you down payment assistance.  For more info, I would suggest taking a look at the site and contacting them and some of the participating lenders also listed on the site.

http://www.in.gov/ihcda/

Hope this helps...
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March 30 2010
Profile picture for wetdawgs
In order to be able to purchase a home you need a down payment of at least  3.5%, closing costs and an income stream to support your mortgage payments.   (whether or not you have four little humans or four little puppies is not relevant).   You also need a credit score of >/= 620 FICO.

But, I'm puzzled, student loans are supposed to support the costs of going to school, not be down payments to homes.

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March 29 2010
 
Related Questions
Hello im a young mother of 4 and in 3 weeks Im getting $1330 can I get a loan for a home with that.
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Latest answer by Kelly Lacey
March 30 2010 | 3 answers
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