Home Buying in Charlotte>Question Details

ckxmedia1, Home Buyer in Charlotte, NC

Okay so here is my case.

Asked by ckxmedia1, Charlotte, NC Tue Jan 22, 2013

I will be moving to Charlotte, NC maybe next year. My Experian: 648, Transunion: 658, and Equifax: is 638. I am renting an apartment at the moment. I have out 1 credit card open, $6,500 in student loans(deferred), $12,300 left on an auto loan. I'm about to finish my degree in Medical Office Assistant and would try to find a job in Charlotte, NC if not close to there. Will I be able to get a loan to buy a house when I moved there next year?

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5
Daniel Fisher’s answer
Good morning, CKxmedia1
You may want to review the below Trulia Blog link: Should I be a homeowner or a renter? If you meet the criteria, you can probably purchase a home. Ultimately, what you can afford will be based on the ratio of your salary and other income to your total debts. I would work on improving your credit http://goo.gl/5RG3w and make sure you pay everything on time and do not have any 30 day late payments in the 12 months prior to your obtaining a mortgage. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. Charlotte is a great place to live and there are housing opportunities in all price points! If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Wed Jan 23, 2013
It depends on what you make. All the other factors look good. But you have to be working and have at least 2 paychecks to buy a home. Call a local Charlotte loan officer to help you.
0 votes Thank Flag Link Thu Mar 7, 2013
Your credit scores are high enough to purchase but you do need to contact a mortgage lender. I think the main issue is are you currently employed? If not, that may be the thing that can delay your purchase. Please contact our mortgage guy, Craig Snyder, with Coldwell Banker Mortgage at 704-280-6868. He seems to be able to do a lot of loans that other lenders cannot.
0 votes Thank Flag Link Wed Jan 23, 2013
You will need to get your credit score up. And because you will be getting a job in a new field... you will have to establish a job history in that field. I think you should plan on renting when you get to Charlotte... and try and work on getting our credit score up. The amount of home you can purchase will depend on your debit to income ratios. So that is going to depend on how much you are earning and the debt that you are carrying. Don't worry... you will be able to buy a home in a couple years. Just set your mind to it.
0 votes Thank Flag Link Tue Jan 22, 2013
I heard that the FHA requires scores above 640 and the lowest they really look at is 590, but I'm also afraid because then it would be my first time buying a house and the rates would be really high. My parents will be living with me so they too will include their income as well. I also have a brother in law who will consider lending me a home if I can't find one because he bought that house 2 years ago and its all paid off. I'm just glad I'm not getting scammed because then I have my brother in law to help me.
Flag Tue Jan 22, 2013
Hi - this is a question for a mortgage lender. Your income will play a big part in the equation so your best bet is to go ahead and speak with a lender to formulate a plan. It is way too early to apply for a loan, but not to early to plan for your future. Best success in your new career! Kathleen Turner
0 votes Thank Flag Link Tue Jan 22, 2013
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