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RobertJRowe

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Will I qualify to buy a hom
Both my fiancé and I are 19, we're looking to buy our first home. The first question we're having is should we tie the knot before buying a house; would it make it easier to do it this way? If it would be just as easy we were looking to buy our home and have the wedding in our yard for memory purposes.

The second question we have 724 & 713 equifax scores, I know those probably aren't compared to the FICO score, how much does that usually differ? Would we qualify based on our credit scores? We have about a year and a half of credit history each. She has 3 credit tracking and I have 2.

We make $4,280 a month before taxes, 28% of that is $1,198.40 though I'd rather stay under $1,000 for payments. Yearly that's $51,360 before taxes.
I was looking at 10 years of those monthly payments added to $143,808, and if I had a 4.6%APR that would be a house totaling up to $115,097. With that we have a total savings of $12,500, so we could do 10% down of $11,500. (I'm in the National Guard if you think that will help creditors evaluate?) Of course we'll probably do a 30 year loan so that monthly payments are bumped down but we'll push to pay it off as fast as possible; but for emergency sake I'd like to keep it low. We rent right now for $580 a month, but our landlord doesn't report to credit berus.

So based off the information I've given do you think it's reasonable that we would be able to afford a house?

Last but not least should I go through my current credit union looking for this loan?

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First, I advise that you get your FICO scores and see what they are instead of asking us to guess what they may be. Second, your income will probably be good and your "debt to income ratio" will probably be good as well if you don't already have a bunch of credit lines. It is good that you have a decent sized down payment. The things that will hurt you is your lenght of credit history and length of employment history. You may need to get a cosigner or have a larger down payment. Do some further reading on all of this before going to a lender. You will want to check with several different lenders including the credit union you are established with.

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