Mortgage possible or pipe dream?
I’m a single mom and not in a good living situation. I would like to leave, but honestly, for what I would pay for rent in an apartment, I’m thinking I would pay just as much for a mortgage with a cheap house. And I mean CHEAP. Around 50k, or under, and there seems to be an abundance of cheap housing these days.
Here are the issues. I’m only working part time. The reasoning behind this is I’m starting nursing school full time this August, and between school work and my child, I’ll be doing a balancing act, so I cut back on hours. My credit score is also not fantastic. 595 Experian. I did just pay off 3 accounts on my credit report this week, so I’m hoping that score goes up a few points when those accounts show as paid. I won’t be able to have much of a down payment, possibly $ 1200, more if I could convince a family member to front me money for a down payment that I can repay with the tax credit. I don’t know if that’s a possibility, and I’m sure my income level will probably mean at least a cosigner, though I may be hard pressed to find one.
I know that’s a lot working against me, but…my child and I need to go, and within 3 months-ish, we really need to be out. How realistic is it that I could get a mortgage loan as a first time home buyer?