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Wondering If I might Qualify?

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SoshiHomie84
New Contributor

Wondering If I might Qualify?

I have quite the history, and I think my high student loan payments will hurt me quite a bit. The thing I have going for me is that one of my parents pays over half of those student loan payments, but their credit is not good. So, I think it would be a hindrance to by a home with them. I am just not sure if I can use that ~$600 a month that is given to my by them as a basis for repaying the loan?

 

Also, I will be saving a lot more this year, so I am hopeful to have at least 10% down when I choose to go forward with buying a home. In fact, I doubt I will buy until I have at least 10% down. All of my FICO scores should be over 700 by the time I am ready to buy in 12-18 months. 

 

1. Credit. 680-705 depending on CRA, FICOs. Late Student Loan payments from right after college because I was unemployed. 120 day lates, Also a Default on a SL that is set to be removed in 2017. The lates are from May 2012. No collections showing. Lots of Prime Credit Cards with 41k of available credit. 

2. Income: Employer 42k, Parent: $600/Month

3. Sources of Income: As stated above, Employer and Parent who pays over half of my Student Loans

4. Monthly Payments: Student loans total $1025, Credit Card Debt: 1k utilized of 42kavailable, No Other obligations, No rent, etc

5 . Full Time Employee, Salaried, 4 Years

6. Assets: 401k - 5k, Savings - 5k, Checking 2k

7. Southern, Virginia

8. 3-4BR, 3 Bath, Single Family Home

9. 150k

10. Primary Residence

11. Montgage

 

 

Message 1 of 2
1 REPLY 1
edcampbell613
Contributor

Re: Wondering If I might Qualify?

Parent income not allowed unless they are going on application with you.

 

Also you dont say what your credit card payments are, or any other payments that will show up in credit report.

 

student loan in default? amount?

Message 2 of 2
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