Will I be able to purchase my first home?
I just got married and I am 25 years old and $ 25,000 in credit card debt with $ 25,000 in student loans. My husband is 23 years old and declared bankruptcy 2 years ago. He has no debt but will also have $ 25,000 in loans when he graduates in May. I have consolidated all of my debt and I am currently paying $ 490/month to the consolidation company. I should be debt free within 4 years. I am also paying $ 105 to my student loan. I have a really well paying job as does my husband, however, we want to buy a home soon and I am worried that I won’t be approved for a mortgage. I am currently paying $ 650/month in rent and would rather be paying a mortgage. We can probably afford $ 700-$ 800/month. I have looked into Ameridream where they provide you with a down payment. Should I be as worried as I am that we won’t get a home in the near future? What can I do to get a home?
Sorry for the confusion. I have been paying the $ 490/month for over a year now towards the $ 25,000, so I have a little over 4 years left and now, less than $ 25,000 in credit card debt.