First timers Buying a house advice?real estate?

Me and my fiance bring in about 3000 a month together, we have temp jobs rn because of the covid 19 closing our usually jobs down.i have meh credit but he has 720+ scored and we only pay our car insurance and phone bill which are 150 a month. Weve saved up about 9000 and will apply for down paymemt assistance we want to buy a house that is around 190,000 is it possible?

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  • 2 months ago

    Considering to qualify for FHA need 580 credit score and only 3.5%, you have well above that saved. Only thing that might stop you now is your incomes being that low combined. As long as you get approved and close, should be good.

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  • Eva
    Lv 7
    2 months ago

    You don't make enough money to get a mortgage that high, especially if your credit isn't good.

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  • 2 months ago

    Lenders look at the weakest link in the chain. It doesn't matter how good one person's credit is if the other person's is below lender standards. If your credit can't be used, your income can't be used, either. You need to bring your score up to a minimum of 620 and you will need to wait until your employment picture is once again stable.

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  • 2 months ago

    No way.  Even IF you qualify to borrow about $100k, it would be a very foolish move, when you make only $36,000 a year.  That isn't enough for any house.  Buying a house if only the first step.  Most people making $50,000 a year can't even afford a house, so forget it.  When you are making $60,000 - one full time income, THEN consider it.

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  • 2 months ago

    absolutely not...1st of all you need a permanent job...people may end up losing their regular jobs permanently because of this.....so it may be hard to get a mortgage based on the guess you will go back to your regular job.

    even if you can get approved based on your regular job, max debt is 108K....some banks may extend it to 126K

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  • 2 months ago

    You won't qualify for a $190,000 house.  Your total annual income is just $36,000.  The most you could qualify for is $108,000.  Unless you can come up with another $70,000+, you won't be purchasing that house.  Owning a house is more than a monthly mortgage payment.  You also have to consider homeowner's insurance, property taxes, utilities, maintenance, etc., etc..  

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  • 2 months ago

    Unless you have high debt, the standard for the amount that you can borrow is 3X your monthly income.

    - If you earn $3000 a month together, then that is $36000 a year which means you would be able to borrow about $108000.

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  • martin
    Lv 7
    2 months ago

    You are supposed to have 20% at least in cash as a down payment.

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  • 2 months ago

    I had no credit rating at all when we bought our house, because I'd never been in debt in my life.  Didn't even  have a credit card!  The real-estate guy explained that lenders don't care about this so much because you can't abscond with the house.  You stop paying, they come and get it back.

    BUT this was with a 20% down payment.  That covers the bank's losses if they have to foreclose and repossess.  For a $190,000 house that means you have to put $38,000 down.  Our house was $150,000 so my sweetie and I had to come up with $15k each.  I had to lend her $5,000 for her half.  Surprisingly, she paid me back!

    Now this was like 30 years ago and I'm not sure what the rules are now.  If you have a bank account (or she does), go to the bank and ask to talk to a loan officer.  He/she can see your history, and can tell you exactly what  you'd qualify for and how much you'd need for a down payment.  Loan officers are very friendly and non-judgemental and more than happy to spend time with you to answer all your questions.

    Good luck!

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    • SimplytheFACTS
      Lv 7
      2 months agoReport

      mortgage eligibility changed a lot in 2008..its not so easy now...and you can have a credit score without debt...you have a credit card and pay in full each month

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