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Wanting to buy a home soon!

Regular Contributor

Wanting to buy a home soon!

Hi guys, im 20 years old making about 41k annually ive worked at my job for 2 years and plan on staying for along time. My question is how long should i be app free before applying for a mortgage loan. Im not really sure how much i can afford either. I live in San Diego. My dad is a LO and he'll be doing my loan, i should probably ask him these questions but oh well we barely see eachother because we both work 55+hours a week. So i decided to ask you guys since i havent heard any bad info here.

 

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
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2 REPLIES
Regular Contributor

Re: Wanting to buy a home soon!

I would give it at least 6 months with no apps before applying. Can you tell us how much in payments you have on other debts monthly? This would be a huge factor in how much house you can purchase.

Message 2 of 3
Regular Contributor

Re: Wanting to buy a home soon!


indecison wrote:

I would give it at least 6 months with no apps before applying. Can you tell us how much in payments you have on other debts monthly? This would be a huge factor in how much house you can purchase.


Thanks for the response. i have a $280 car payment and thats about it. besides insurance, i use a company phone so no phone bill and use my CC's for all my purchases and pay them off at the end of the month

 

 

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Message 3 of 3