Do I have a shot?

[Anonymous]

Im looking into getting a mortgage....approximately around 80k for first time home buyer (live in a small town area and looking to fix up)

I just checked my TU and it was 640...

i make 60k a year and my debt to income ratio is very low

Im 24 yrs old never had bankrupty, just credit cards accounts i didnt pay when i was in college but all that is taken care of now.

I dont have alot to put down...but i would qualify for the 3.5% right? Ive heard of some ppl getting 0% down still...?

My last question.. since im a first time home buyer and buy before April (i think they extended it) than can i use that for a down payment ?

Thanks for any information you have!

[Anonymous]

As to your last question first: no, you cannot use the tax credit toward your down-payment, though there are lending programs (almost unused -- either the terms must be egregious, or the approval rates abysmal) that allow you to swap your future credit for a cash loan now toward supplementing your down payment (YOU still have to come up with the minimum) and/or closing costs. 

I'd advise that you check with a loan officer/mortgage broker. He/she can/will be able to give you a sense of your overall standing. The question that jumps out at me is, how long is your work history? Almost any lender will require 2 years proveable -- though school time can count if your field of study related to your subsequent employment.

[hawkeye33]

If the work history that oldhack mentions checks out, then you should be ok provided that your TU score isn't significantly higher than both your EX and EQ scores and the middle of the three is 620 or above.

You mention that you're in a small town area, so that immediately says to me that you should check out the USDA guaranteed loan program. That program offers 100% financing with no mortgage insurance. The have a website where you can see if you are eligible (from an income limit perspective, which is area-specific) and if the property/area you are interested in is eligible (at a basic level, < 10,000 population).

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

[hawkeye33]

Oh yeah, and definitely try, in the negotiation process, to get seller to pay some or all of closing costs.

[Anonymous]

Thanks alot!

Yes ive been at my job for two years