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Posted in Mortgage
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Msbender

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Young Couple Curious about Mortgage Elgibility
Do you think my boyfriend and I can get approved for around $80,000 right now. We both have a little less than 2 yrs on the job (2 years in March). His scores are 707 & 663 and mine are 630 & 650 - according to CK. We both make about $25,000 annually. We have a car loan which is about $16,000 - no other debt. Neither of us have owned before. Hoping for a very small to no down payment.

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No. First you must be aware that most lenders use a version of FICO scores, not the scores that you get here and they can be drastically different sometimes, so you should check them (unfortunately they do cost money). I said no, because it sounds like the only thing you have on your credit reports is one auto loan. I also said no, because you would need a sizeable down payment. Most lenders will want 5-20% down on average and the weaker your credit the more likely the down payment required will be higher.

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This is what you need to do. Be realistic with time frames and set the house purchase out at least a year or two. Start reading everything that you can about credit. Work hard to build up your credit. There is a lot of info on how to build and maintain good credit. If you only have one account, you will need to get some more. The basic credit building tools are three credit cards and one installment loan that is reported to all three credit bureaus. Get your credit built up with some longer history under your belt and start saving for the down payment. The more money that you have for the down payment, the better. On top of that, I don't know how long you and your boyfriend have been together, but make sure that you live together for at least five years before you consider buying a house together. If you have any questions about building credit don't hesitate to ask, but do some reading about it first.

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