The conventional wisdom is your house should be about 2.5 times your yearly income (so, in your example $45K). If you can put 10% (at least) down on your house, you should be precisely where most people are when they buy a house. Your lack of debt puts you in a better position. Good luck!

Thanks for your question. I am a lender/broker and I am not laughing. There are several programs that can help. The first thing you need to do is to find a professional to help you. I do offer free/ no obligation pre-approvals. The process is easy and I will put you on the right track.
I have a office in Carmel, IN and serve the entire state. Visit my web site listed below or call me at 317-714-8080
Kind regards,
Tony

Hi,
First off, congratulations on your decision to purchase a home! Now is a great time and certainly no one who is a professional is going to laugh at you or your desire to obtain a loan. I have worked with many first time buyers and I totally agree with the advice Josh gave you. Find a good agent to work FOR and with you as part of a team to help guide you through the process. Another agent in my office just closed a deal for a client on a deal for less than $30,000. So good buys are to be had and an agent can really help you to find the most house for the money you can and are willing to spend!

Good luck!
Jody Jones
Century 21 Landmark
Elkhart, IN

It's possible. Please talk with a lender. He'/she will NOT laugh at you, and will give you good advice about what you can afford. Also, please find a good buyer's agent to help you through the process. Best of luck - it's great that you are thinking of buying.

Based upon the information you've provided, I think you and the co-borrower can obtain a mortgage together, right now if not in the next 6 months. While income is an important qualification for obtaining a mortgage, there are several other factors to consider such as your credit score and debt to income ratio. When a buyer contacts my office directly with this question, I always refer them to one of my trusted lenders to walk them through the process. No one will laugh at you - they want your business. The lenders I work with always treat my referals with the utmost respect and do whatever they can educate their customers. When one of my clients doesn't qualify right away, we work with them to clear up any of the issues on the credit score so we can get them into a mortgage that's affordable and right for them. Feel free to contact my office if you'd like my list of trusted lenders or have any other questions in regards to purchasing a home in St. Joseph County. I also have a great packet of information I created for first time buyers that I can email to you. It will answer most if not all of the questions that will come up during the buying process.
Finally, if I may offer some advice... if you haven't already, either contact me and my team or another local Realtor to help you through the process. Most buyer agents are paid by the seller of the home you buy and they represent you.... not the seller - this is important.
- - Best regards, Josh
The Josh Scheibelhut Team
At Home Realty Group - Mishawaka
(574) 993-5153
http://www.Josh4Homes.net

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