Young, Okay Credit, Low Income...

[Asa Clancy]

Okay, a little background info, might be a long post, sorry. I am 23 years old, have been working full time for over 3 years. Gross income is around $2400/month. Okay credit, in the 680-700 range. Debts are car loan which I got back in March which is $350/month. I am co-signed on my sister's car loan also because of her not so good credit, but she pays all those payments. I have 2 credit cards, never late payments, totaling a $7,000 line of credit with only about $1,000 used currently and have funds available to pay them off. I have had student loans since 2009, I just paid of the entire rest of the outstanding balance about a month ago, and that is all for debts. Now on the side I have a money market account at a different bank (Sovereign) with $40,000 in it, seperate from my job income, which I plan on using for a downpayment and whatever is left to put towards any costs or fees. This will obviously be my first purchase, so I am going to speak to my rep at the bank n have him walk me through the process, and see what rates and loans they have available. While I have been trying to determine my actual goals, I was looking for a single family or even multi-family to rent out, and stay living at my current residence, or fix and flip(I have some friends who can help out with renovations). Since there is just about all the information I need here on BP, I figured i'd ask anyone here, what are my options for different types of loans, possibly besides a traditional mortgage that I may be subject for approval given the information I have provided? Looking for houses around $125,000 but the more I can get the better. I am just looking to get my feet wet for now. If any thing comes up along the way such as random repairs with the house, I have a family member who can step in and lend me some more money if needed, although this won't help approval.