REI_Chris
Joined: 27 Mar 2010
Posts: 1
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| Posted: Sat Mar 27, 2010 5:25 am Post subject: New member with a few questions! |
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First and foremost, thank you for hosting such an informative and helpful website! I'm on a few real estate websites, but this is my first mortgage website so hello everyone.
I have a few questions regarding the likelihood of being approved for a mortgage under the following circumstances. My wife and I are a younger couple, (25), and have been married for 4 years now. I am just finishing up a finance degree, so I do not have a job or steady income. My credit score is in the lower 600's.
My wife is an RN and has worked at the same place of employment for the past 4 years and has averaged 75k gross a year her entire length of employment. However, her credit is in the high 500's due to some costly mistakes she made in college. We currently have no problem paying a 700 dollar rent as well as all utilities, and have lived where we live for 4 years now and can verify all payments and history.
We have ~13k for a down payment, and we're looking to buy in the price range of 75-90k. Our plan is to buy a duplex and live 'almost' free for the next year or two while I finish my degree, pay off debt, and build our credit/ equity up. We can afford a larger mortgage payment, but we intend on saving money over the next two years and then upgrading while we keep the duplex as a second property.
With all of these details, can anyone give us an idea of what we can expect when we apply? We won't be ready to actually apply for another month or two, so we're kind of looking to see what some of you experienced loan experts have to say ad what kind of advice you may have to offer us. Thank you for your time and advice in advance! |
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