I feel like I’m so far away from buying my first property

[Joseph Allen]

I’m 23 years old. Finally found a job that I like making $2k-$3k/month. My credit score is not very good and I don’t have anything saved yet but I really want to buy my first house hack deal.

I do have a plan with my significant other to save up about $25k in 12 months for down payment, closing costs (if necessary), repairs and other expenses.

Good news is my personal expenses are less than $1k each month and I am about to move in to a shared home to be more frugal. It is really hard for me to have patience. I want to buy a house in less than a year but I just don’t know how that will work.

I’m not sure if I can get approved for any type of financing with a weak credit score (570) and not a long work history at my current job that I’ve only been at for a month.

My significant other and I combined bring in a total net income of around $3,500-$4,500 per month depending on how much over time I work. She is a waitress so income can vary. She has an excellent credit score and has been at her current job for 1 1/2 years.

We have a twelve month plan to save $25k jointly, but really don’t want to wait that long. I want to know if there are other options for us. Thanks in advance!

[Shawn Dennard]

Hello, I've been in mortgage finance for many years. There are many ways to get your primary with little money down. FHA is only 3.5% plus closing costs you don't get the seller to pay. There are many programs in your state that will give you the down payment as well, like FL Housing. There are state, city, and county programs available. If you are full time you don't really need much time on job as long as you have a stable 2 year history. Any fluctuating income typically requires 2 years though it can be done with less. Just make sure your stable and ready. 580 score and higher will work but you want to get it up to at least 620 which shouldn't be hard. Hope this helps