Am I ready to buy?

RNneedsAdvice · Joined: 05 Dec 2008 Posts: 1

Hello, first time posting and your advice is much needed and appreciated. I am a 23y.o. who just graduated from nursing school and will begin my new job in Virginia at the beginning of January. My parents have recommended that I look into buying instead of "wasting" money on renting. I found a home in a great part of town that is reduced to $150,000 but it needs ALOT of work. The real estate agent told me it would need a 203k loan.
So my question is would I even be considered for this type of loan? I have not had much income over the past 2 years because I have been a full time student. I checked my credit report earlie this year and it was 780, but I do not have a pay stub since I have not started the job, but can provide a letter stating my employment for January and I will be getting a base pay of $21.00/hr FT. Also my fiance is a governent civilian and makes roughly $30,000/yr but has no credit.
Do you think they will consider me for a loan with just a letter or should I wait until I have been working for a few months and then apply. I do not want to goan to a loan officer and have them look at me like I am crazy with no current job. Any advice will be much appreciated.
Thankyou and Happy Holidays

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

The first thing that comes to mind is that you may be looking at a house that is over priced. If you have to put another 30% into it, then is it really a good deal?

That being said, you will not be able to borrow all of that much of your home is worth much less.

Best of luck

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

thanks for the tips!