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Whats the qualifications for buying a house now?
I’m a first time home buyer and looking for a house. I want to take advantage of the 8,000 tax credit and looking for information on buying a house in this economy. I’m 21, married, my credit score is 676, and my husband’s is 623 and he’s 27 years old. We would both be applying for the mortgage loan. He has had the same server job for 4 years, and I’ve had the same nurses aide job for 2 years. We have money for a down payment. Are we eligable or are our credit scores/ages/jobs a problem? I’m kinda naive about this stuff, and am looking for somewhere to start, but don’t want to waste my time and ruin my credit score by applying for anything that comes this way. Thank in advance!
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Erica,
Your credit scores and employment history to appear to meet the requirements to purchase a new home.
In regards to a down payment, you will probably want to go with an FHA loan, which requires only 3 1/2% down payment.
Keep in mind, also, that the ‘retail’ credit scores that you pull off the websites, may be different from the score pulled by the mortgage broker.
My suggestion is that you locate a mortgage broker or mortgage banker in your area. They can get you pre-approved for a loan amount. This is imperative to know BEFORE you go out home shopping and possibly get disappointed.
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LikeDislikeFrom my own experience, get pre-qualified by a credit union or bank. Check the interest rates with both before going through the process. Remember try to go through this once because it counts against your score when you do this often. Pay off as much credit debt as you can before you get pre-qualified. Once this is done, drive though a community that you like or buy a newspaper from that area. Also, go online to zillow.com or other online sites that list homes for sale in the area you like. Once you find a few, find a local agent or save the agent fee and speak directly to the owner. Even ask a local escrow company to help you. Agents can be very aggressive and can be somewhat unethical. This is a great market for first time buyers because you guys are the only folks with any money. Deals are all over the place. Just be careful of agents.
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