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What can I do to get more (or better) quotes for my loan request ZR-MBDVYFX?

I will be graduating this december and I have barely started on building my credit. I currently pay $550 for rent on a part time pay of roughly $10,000 a year and have a acquired a $40,000 year salary job I will start Jan 13th. Paying the loan every month will be easy but the hard part will be qualifying for it.
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November 13 2013 - La Grange
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Profile picture for corbin mchazlett
The sooner I can buy a house the better. I would not say that paying rent is wasting money but after that month is up then that money used is lost. With buying a house and paying on it I would feel a whole lot better knowing that money is actually going into an investment and not simply disappearing. I would feel really stupid paying $800 a month for a rent house when I could be paying $700 a month on a mortgage. Not only saving money on living but also investing that money and the $700 a month house is alot nicer than the $800 a month rent house. 
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November 13 2013
The real hard part is actually going through and applying.  Most folks just talk about, but it sounds like you are ready to take the next step!  Go ahead and apply, you might be happily surprised that you may not need as much to actually qualify.  Or on the other hand you will find out exactly what it does take to qualify and it will give you time to put all your ducks in a row.  I am excited for you and wish you the best of luck.
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November 13 2013
Profile picture for wetdawgs
Regulations for lending have tighten up considerably in the last few years. You've identified two risk factors in your description that will work against you.     While it would be nice (for you) if lenders could make decisions simply by looking forward, that's not the way it works.

You've identified your goal.  Put together an action plan to get there.  Here's a link to Zillow's buyer's road map.


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November 13 2013
Profile picture for corbin mchazlett
if there were other options available that would be easy. The problem is the only other places are more expensive rentals or apartments that I wouldnt want my family to be living in. If the money is obviously there going from paying $550 a month to $700 a month, $150 difference, while earnings go up from $900 a month to $3300 a month, $2400 difference. Why would that not be a safe investment for any lender?
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November 13 2013
Profile picture for wetdawgs
Yup, you are absolutely right.  Qualifying will be tough with no down payment and credit scores less than 600.

Why not identify the actions you need to take to build up your credit score plus build up your savings.   Buying when you are not ready (i.e. now) is a great way to end up with a financial disaster on your hands.

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November 13 2013
 
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What can I do to get more (or better) quotes for my loan request ZR-MBDVYFX?
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November 13 2013 | 5 answers
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