Do I have a chance?

[DODGERAM09]

1.Credit.  3 inquires in the last 6 months, fico here 686, credit karma 655

I have two CCs one opened this month and one opened in Feb. of this year.

Two collections from 2009 that are paid, one is medical and one was a utility bill I don’t have anything that has been reporting for two years or more except student loans and they were in deferment while I was in school. I have a couple personal loans that are paid as agreed and closed from about five years ago.

Income. the last two years I have made 15k and 18k while going to school, this year I’m on track to make 34k base but with bonus and overtime should put me over 40k

4.Monthly debt payments.  $54 student loan.

5.Employment Only 10 months at current job which I started last year after graduating from college.

6.Assets/Reserves. 5k but could sell some toys for more money

7.Location.  Iowa .

8.Property..?

9.Value. in the 50k range

10.Occupancy.  Primary residence.

11.Transaction Type.  Purchase, first time home buyer

I had planned on waiting at least a year but life happened and I need to find a place in the next couple months. I will rent if I have to but rent in my area is way over priced compared to buying so I would like to buy if it is at all possible.

Thanks for your time

[ButterflyT]

Sorry, I have no idea, but as a hope to be future home buyer as well, I am interested on the responses you get, so I wanted to post so I could find this post again...GOOD LUCK!!!!

[tooleman694]

Personally if I were you I would not buy.  However, I think you will be fine with what you have posted.

[DODGERAM09]

Why would you not buy? taxes and up keep? I have been looking for 10 months for a house to rent and there just isnt any around. The oned that are for rent they are wanting a grand or more for a 50k house.

[RW771]

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@DODGERAM09 wrote:

Why would you not buy? taxes and up keep? I have been looking for 10 months for a house to rent and there just isnt any around. The oned that are for rent they are wanting a grand or more for a 50k house.

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I say go for it! If you feel you are ready and there aren't many options for renting, then try and see! Even if you aren't approved, you'll know what you need to do/work on to get yourself ready.

[tooleman694]

Yeah the upkeep can be a problem. At your income level id rather have my landlord be on the hook.

But the hell with what I have to say if you are ok with it.. Im pretty sure you will get it.

[aerosarcasm]

Ha my Aunt lived in Iowa a few years ago...it is shocking what you can get there for the money. Her house was nice and in a pretty good location for about $100k. I just spent $400k on the second cheapest model in my neighborhood, which is boarderline insanity, but the market is intense here (Denver). As for your situation, I think it would be nice to have a little more reserve and work on the credit a little before the house, but yeah if the rental market is that crazy, might as well pull the trigger now, rates are expected to go up as the fed winds down the quantitative easing. I have read conservative estimates that think 4.5% average by 2014 is to be expected, but with May seeing a +0.5% jump, who knows. Plus the Fed is meeting in a few weeks and their meeting minutes will be released mid-July. If they set a timetable for QE ramp down, the mortgage rate will surely jump. If they kick the can, the rates probably won't change.