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can i still buy a home when i have $6,000 in credit card debt?

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July 07 2010 - Bridgeport
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Answers (5)

If you're making $100K a year, and you have $50K in savings, that $6K in credit card balance doesn't seem too high.

But if you're making $50K a year with no savings, that $6K is significant.

So what are your circumstances? 
Factor in your credit score, your income, your other debts, your payment history....these all have a bearing on what you can qualify to buy.

I had a client who was making $100K a year, but didn''t have any credit history because he was living with his parents, paid mostly cash for everything, and as such, there was no indication of his credit-worthiness. So he could only qualify for an FHA loan which limited his choices of type of property to buy (many condos and townhouses aren't FHA approved).
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July 21 2010
Call a lender and they will answer your questions. There are too many variables affecting your ability to purchase a home. I will say $6000 isn't much. Let me know if you need a contact.
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July 07 2010
The short answer is yes...so long as everything else is ok (credit score, income, debt, etc).

I personally would suggest paying off the debt first before taking on additional debt...but that's my opinion.
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July 07 2010
$6000 is not a high number if you have high enough income to offset it.

All your debt is figured as a ratio to your income and your house note.

If the number is high enough you are in great shape.

If you have available unused credit you are in good shape.

Be sure and pay all your bills on time.

Consult a Realtor© and have them direct you to a lender.

You will get to your goal of home ownership quicker if you do.

Good Luck!

James Callas - Realtor®
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July 07 2010
Hi, Credit cards can be tricky, but, if your payments have been made on time, Credit cards help build your FICO Score. What the lender looks for is history. How have you made past payments. What is your income ratio? If you have lots of other debt it may make a difference.
You need to speak with a lender, get all the info from a professional.
Buying a house is a wonderful journey, but you need to build relationships with a lender and a Realtor.
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July 07 2010
 
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