Some advice and help needed for a hopeful first-time home buyer.?
I’m a hopeful first-time home buyer and have gone through a few life events that have left me scratching my head. I know that I could meet with a mortgage expert, but I figured I would try this first.
I was laid off May of 09 from my professional job of 9 months. I made 53k and was in the process of looking. I qualified for 140k fha loan with no problem b/c of my credit score of 680 and spotless history. I have some consumer and student loan debt but nothing serious.
Fast forward to now, after 9 mos of unemployment benefits, I found a job in my field (marketing). I now make 43k and am wondering if home-buying is anywhere in my future.
Overall, I have over 3 years of work experience in the same field. It is spotty, due to the unemployment period and a job change that gave me greater $ $ and career position. Currently, my credit score is up a bit and my debts have decreased. I have plenty enough for down payment and closing costs, etc.
If you look at my tax returns, I made more money in 09 than any other year. Since 06, my income has increased every year and only stands to increase again in 10. So has my employment history ruined my chances for awhile?
My current living situation is living in a house vacated by my in-laws since they live overseas. No leases and such to worry about. We have two kids and would love to have independence again.