First Time Home buyer?

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I am a first time home buyer and just have a couple questions.

A little information about myself is that I am 22, and a senior in college(graduate Fall 2009). I am a server making $ 30,000 a year, but that will surely change once I am out of school and have more time to work. I currently have $ 3,000 in credit card debt, but will probably pay that off this summer. My credit history is good since I have never had a discrepancy or late payment in my life.
I also have a girlfriend/fiance who is looking to co-sign with me. She is a junior in college and has no debt/makes $ 15,000 a year currently. My parents are also willing to co-sign and have excellent credit. Problem for me is that I have little money for a down payment.

Given the current financial climate do you believe it will be difficult for us to get a loan? I know this is a question more suited to a mortgage broker, but I am just beginning my quest into buying a house and just wanted a little feedback as well as some advice for a potential home buyer.

1 Comment
  1. Reply
    Lisa L
    May 4, 2011 at 2:29 am

    You would be better off having your parents co-sign…for several reasons. You will need to get an FHA loan & have 3.5% down payment. That can come from a gift, but not from the seller. The seller can pay closing costs & pre-paids up to 6% of the sale price. If you don’t like the idea of parents co-signing then you should wait to see what will be making. You said you are a server. You can only use REPORTED income. Unreported tips won’t be used. Good luck.

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