Financing in Inglenook>Question Details

Brittany Jes…, Home Buyer in Indianapolis, IN

Need some advice: Young couple, First/Second time home buyers.

Asked by Brittany Jessee, Indianapolis, IN Thu Mar 3, 2011

My boyfriend and I are wanting to buy a house under $70,000 within the next 6 months (hopefully). He currently has a house he rents out. However, since it is not close to our jobs and frankly too expensive for us right now, we are looking for a house in the Indianapolis area to purchase. He has a credit score between 700 and 720. My credit is currently being established. (I have 2 credit cards, all paid off every month, have rented for 1.5 years, etc) He has about $14,000 in student loans, which are about $100 a month, all secured. I have no debt. We have never missed a payment on anything. I have been in the same industry for 2 years. However, my boyfriend has had many odd jobs the past few years, partially because I moved him to a different part of town. Specifically we are looking at a $64,000 home and can put about 3.5% down. We talked to Wells Fargo the other day and were basically told since he had worked in a different industry for a few months, we did not qualify. Advice?

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I just listed my house in Indianapolis. It's a great 1920s bungalow, lots, appeal, updated and a great value. My asking price is right in your budget, and I am
motivated. Have you bought yet? Call me if you like, 317-459-9816.
0 votes Thank Flag Link Sun May 8, 2011
Talk with another lender to see if they can do better or if they can make some suggestions. lenders are getting more picky about qualifications then they use to be. Maybe talk with your banks loan officer, they might be more open to making a loan than Wells Fargo.
0 votes Thank Flag Link Thu Mar 3, 2011
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