HELP!!!!

[Anonymous]

Hello,
I am 29 years old and a first time home buyer. I finally see a house that i love but i am not sure if i will be qualified for a loan.

My current credit scores are on my signature.

Credit negatives: a late payment from a retail card on February 2015. I have my only collection account from midland removed. No collections

Gross income: 47,000 mine
42,000 my husband ( i will not use his bc his scores are around 500 with 3 collections he is paying off)

Monthly debt: 56,000 total student loans. I am making 300 monthly payments.

Employment: full time.

Type of empl.: Full time

How long: 2 years

Assets/ reserves:

Savings: 4K. I dont have 401k

Location: nyc

Property description: single family

Property value: 125K

Occupancy: primary residents

[dragontears]

Are those mortgage scores or FICO 8 scores?
Is your student loans on IBR?
A 3.5% FHA loan would be $4,375 down plus closing costs, are you counting on the seller to pay all closing costs?

[Anonymous]

Sorry, i am a little clueless. What does IBR stands for? Those are my fico score. The student loans are sallie mae. I was thinking that 8000 would cover everything. How much is the closing cost?

[Anonymous]

According to myfico, my mortgage scores are: eq: 657, trans: 665 Exp: 628

[youdontkillmoney]

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@Anonymous wrote:
Sorry, i am a little clueless. What does IBR stands for? Those are my fico score. The student loans are sallie mae. I was thinking that 8000 would cover everything. How much is the closing cost?

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^^^^^

I did a Google search and IBR means income based repayment. You can research anything online and get answers, probably quicker than waiting for someone to reply on here at times.

[Anonymous]

Thanks and that is exactly what i did last night and yes, it is income based.