Good Afternoon All,
I’m looking at buying my first home (condo actually) and want to know what you think my chances of actually doing this are?
Current Income: $ 48,000/year
Length of Employment: Primary Job 2 years, Part Time Job: 10 years (still there from my University days)
Current amount in accounts: $ 1,300 (though I did just get a no penalty loan from my 401k for $ 2,500.00; so come EOW next week it will be about $ 4,500 with my upcoming pay and depositing the check.
Credit Cards: Currently owe about $ 4,000; but all but $ 1,000 will be paid off by EOM. My util is at about 2-3%.
Current Scores: 746 TU/ 749 EX/ 717 EQ
I found a place I really like that is only $ 67,000 for a 3 bedroom, 1.5 bathroom condo. I know I did backwards of looking at places before I had a preapproval but I was curious at the time and wasn’t looking too much into buying a home.
With the current amount I have in savings, I was thinking of doing an FHA loan for the property, as well as doing the Fannie Mae and Freddie Mac course (3% to cover closing costs).
My biggest worry is that I don’t have enough liquid cash. Being the typical millenial, I lived at home and spent what I made, going on lots of vacations, and buying luxury goods. But as I am approaching the big 3-0, it’s time to grow up.
Any thoughts of my chances?