can I buy a house?
Question: I’m a young person (25) with good income (41k last year, 34k this year) good stability (3 years at current rental residence, 5 years at same employer) the big BUT is that my credit is about as bad as credit gets. i’ll leave it at that. it’s improved in the last 2 years but i’ve missed a couple payments fairly lately and am still paying off college debts. My rent is always paid on time.
the other big BUT is that I have about $5000 available for down-payment
my landlord is interested in selling the house I rent, he has suggested I have it appraised and see if I can come up with financing. I inquired about a contract purchase but he is not interested. I think the house is worth about $115,000 but that’s a guess.
I have several roommates who will rent from me if I can arrange a purchase, I play to stay in the area for 5 years at least.
I’m VERY nervous about approaching anybody (loan officer) even just to get a yay/nay forget-about-it answer.
If anybody has information about resources I might tap, or any other suggestions, please send me a note.
thanks for your time.
Answer: A morgage broker is a friendly resource for all of this information and they may have some insights. $5K down is less than 5%, so I’d up your downpayment, since you seem to consider yourself a risk. Having potential renters, a good letter of on-time payments from your landlordm, and a good down payment will help.
A bank/loan officer/morgage broker would like to have you get that mortgage as much as you want to get the morgage – that’s how everybody makes there money.
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