Advice for first time home buyer

Credit and mortgage advice Forums Home Mortgage Advice for first time home buyer

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years ago.



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  • #240229

    Anonymous

    Credit: EQ 750 (FICO), EX 756 (Auto lender), TU 742 (Auto lender)*
    Credit Cards: Chase 0% utilization / $2000 limit, Chase 0% utilization / $1300 limit, Cap1 0% Utilization/$1500 limit, Discover 0%/$2100, Amazon 0%/$2200
    Auto: $14000 (Credit Union)
    Student loans: Citi $1200, Access $27000
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    No late payments ever made on CCs or Loans
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    Negs (Maybe): Car loan refinance 2 months ago with a couple inquiries. Credit history is 3 years 4 months old with an average age of 2 years and 3 months.
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    Income: $75000 gross from salary.
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    Monthly debt payments: $330 Auto loan. $242 Student loan, $50 Student loan with a total of $622.* I don’t know if credit cards are considered part of the DTI
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    Employment: Employed full time for 1 year and 4 months. Work in Business development. Before that I was enrolled full time in a Masters Degree program
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    Assets: $4000 Savinigs, $3000 Stocks, $2000 (expected tax refund)
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    Location: Denver, CO
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    Property: Single family, primary residence. I haven’t started serious searching
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    Value: Hoping to get something between $150k and $200k. I’ve seen some promising places in this price range
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    Transaction: Purchase
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    I initially planned to purchase sometime in the last quarter of 2012, but my landlord increased my rent by $100 for my next lease term starting in April so I hope to find a home within the next 3 months. I’m not a US citizen and I’m unmarried. My major concerns are:
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    How will the recent inquiries affect me? Is it better to wait until October when the inquiries will be 1 year old?
    I understand my non-citizen status will not be a problem except with some big banks. Could you confirm?
    My employment history is less than 2 years. How will that affect me?
    I don’t have enough cash for a down payment.
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    Thanks for your help guys!



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