Updated about 6 years ago on . Most recent reply
Contemplating Buying A Home
Been working on my credit & finances during 2019. I believe I’ve reached a point where I’m eligible for a conventional loan however I’m afraid I’ll be denied. Does anyone know if I’ll be able purchase a home using a conventional loan or first time home buyers program? (Here’s all the info I can give to assist with your response to my question.)
Location: Philadelphia, PA
Credit Score: 660
Income $2200/month
DTI: 30%
Employment status: Full Time
Cash for downpayment: $4000-$6000
As far as my “debt” I have a total of 6 Credit Cards & my card utilization is 75%, 63%, 64%, 90%, 57%, 65%. Would this affect anything?
Most Popular Reply
It sounds like the credit card ratios are high- with your monthly income being so low I feel like you are going to have a hard time getting the loan and interest rate you would want- while I agree you want to get some specifics from an actual lender- having recently gone through that process myself I would aim for the following-
1- Get that credit score above 700
2. All credit cards under 30%
3. Plan a larger reserve for closing costs, inspections, upfront payment on insurance and unforseen rehab expenses- I have bought 3 houses in the past 2 years and not once did I not need at least 1-2k extra to get it "rental ready"