you will like him alot.....good luck to you, David
Sincerely, John P. Madden owner Ready Remodeling
It sounds like you are on the right track in looking at your credit situation and seeing just how close you are to owning a home. You are right in that you will need both of your incomes and creit scores if you are looking to purchase a more expensive home. Our in house lender is Coldwell Banker Mortgage and they are aware of what programs are out there for first time home buyers, those with student loans and buyers who need a little help in getting into a home.
No doubt, getting back on track with your student loan will go a long way towards helping both of you in your loan processing. This might be a good time to focus on getting those payments caught up and puttig some away for your upcoming down payment on the home you plan to purchase.
With some more details on your situation and plans, I may be able to help direct you towards your home purchase. Another few months in preparation will save you thousands over the next several years. My web site is http://www.RustyMason.net. Let me show you what we can do for you.
Rusty Mason, Realtor
Coldwell Banker John Moffitt and Associates, Overland Park, KS
office line 913-317-0125
In what part of Kansas City were you thinking of buying? You may be able to find a HUD home. Leasing with an option to buy might also be a possibility; especially with one of the homes that's been on the market a while. One of the Dream programs is another possibility. Talk to a Realtor to find out what might be available in your chosen area and which lenders might be most helpful for your particular situation.
The time and effort you take now to straighten out your credit will give you a big payback in the future. Talk with a professional to see what your options are and what the most important and fastest things are to do to improve your score. I also agree with Michael that the 5.1% sounds like a teaser rate or an ARM (adjustable rate mortgage) and you should fully understand those kinds of lending vehicles prior to making a decision.
An ARM has a lower rate at the beginning and can go up dramatically over a relatively short period of time. With the number of houses on the market you might be able to lease something if it's not selling and get out of your apartment. Remember, leasing a house is different than renting an apartment. You may be required to maintain the home (mowing, etc.) and there isn't anyone on premises to fix things immediately. Make sure you understand all the ramifications of the lease (read the fine print).
Trisha Lee REMAX Boone Realty
Columbia, MO (573) 999-1000
Do several things. Sounds like you might know your credit situation in full, but if not, you should, and you shouldn't rely on someone else to do this. Google "free credit score" and pick one of the sites that will give you ALL 3 credit scores during their free trial period for their monitoring service. Then, presuming you don't want their monitoring service, you cancel during the trial period and owe nothing. Do this for both you and your fiance. This is the only way you can judge how good or bad your and your fiance's credit situation really is. If you pull your credit, there's no hit for the inquiry with any of the 3 agencies, but if someone else does, they count that as a credit inquiry, which only adds to a potential decrease in your scores, albeit small.
With that in hand, you should have a better handle on what reality is. Presuming your credit situation is not that good, say 650 FICO or less (average of the 3), then bite the bullet and wait until you can fix your credit situation. You'll get a lot of feedback that you can still get a loan with bad credit - doesn't that sound lucicrous? Don't be the "now" generation, and buy something just because you can, you'll get taken to the cleaners with high interest rates, and high fees. Then, you'll feel good until the new house emotion wears off, but the loan payments and high interest will stick to you like glue.
If you're serious about fixing your credit situation, then fix it, but don't go from the frying pan into the fire by lobbing on more debt.