1. You should be able to qualify for some grant monies such as the IDHA smart move program.
2. Keep trying to build up your credit, you can get a loan with a 620 credit score, but you will have more options and a better interest rate at what they call a mortgage ready score of 640.
3. Your student loans count against your debt ratio when you have less than 1year left. So, as long as they are in deferment for at least 12 months from the date of your closing- you should be fine.
4. Depending on the mortgage program you chose, you will most likely need 3.5% of the purchase price for a down payment. This does not include the closing cost- which usually are about 3% of the purchas price. Right now, I have a lender who is giving a 3% credit to buyers to erase that cost. (that also depends on the mortgage product you choose.)
5. The 1st step is to contact a lender, they will be able to tell you what programs you qualify for. My lender is excellent!
6. I can put you in contact with my fantastic team! I love first time buyers!!!
My phone number is 815-370-9358. Cell/Text.
I look forward to hearing from you!
It sounds like you have been working very hard to achieve your goals. Buying a home can be an intimidating experience, but working with a Real Estate Professional you feel comfortable with and you have confidence in will make the experience both exciting and rewarding. After selecting a Real Estate Professional, the next step is to contact a mortgage officer who can get you prequalified for a mortgage. Call or email me and I would be happy to recommend a mortgage officer to help. Now is the time to buy a home so let's get you started on finding the perfect home for you!
I look forward to talking with you,
Patti Stanfel, Spring Reality