Jai, Home Buyer in Selma, AL

i am 21 years of age and have fair credit and is currently landing a job in law enforcement(police officer) do i have any chances of buying a home

Asked by Jai, Selma, AL Fri May 7, 2010

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Mack McCoy, Agent, Seattle, WA
Sat May 8, 2010
Most people have "fair" credit - credit reports are usually fair and pretty accurate.

If you have had any credit problems - slow pay, collections, et cetera - you're too young to buy a home. At any age!

Get that credit score up into the 700 club, and then decide whether home ownership is right for you. Under 700, wait a while.
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Deborah Madey, Agent, Brick, NJ
Sat May 8, 2010

There are two components to consider.....

1) Can you get a loan?

2) What is your comfort level with the financial obligations you will take on? Some people intentionally purchase below the threshold for which they qualify, especially if they foresee instability in their future work or income. Are yo in any type of step-up program in your job? If so, you may be more comfortable borrowing at the maximum for which you qualify.

With an FHA loan, you will need 3.5% down, plus closing costs. You can make an offer to purchase and ask a seller to pay part of your closing costs for you, which will decrease the amount of cash funds you need to make the purchase. Be aware that when a seller pays closing costs, a property must meet an appraisal value which will include those contributions. Your Realtor and loan officer will help you understand that in detail. Herein, I simply wanted to give you the basic starting info from which you can explore further.

Here is a link for several mortgage calculators. These can be quite helpful and educational, but won't take the place of meeting w/ a mortgage professional. Most buyers tell me these are quite helpful to them as a precursor to meeting w/ a mortgage rep. It helps them better understand the discussions with mortgage reps and increases their confidence.

When speaking w/ a loan officer, inquire if they have any special programs for individuals in law enforcement. I don't know if this type of program exists in AL, but it does in some other states. Not all loan officers have access to them, so you will need to ask around.

All the best,
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Amy & Dan Sc…, Agent, cleveland, OH
Sat May 8, 2010

The first thing you should do is speak to a qualified mortgage professional and have them put together a gameplan to get you in a home. Most lenders may require you to be at your job for a certain amount of time and you will need money for a down payment. Perhaps you will be able to buy right away, but if not, a little hard work will reap rewards and one day you will hopefully be able to purchase a home. Good luck.

Dan Schuman
Web Reference:  http://www.schumanteam.com
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Linda Reming…, Agent, Lodi, OH
Sat May 8, 2010
As the agents below have shared, you do need to speak with a loan officer. There are many factors involved in purchasing your first home. If you are in a rural area there are additional options in addition to FHA that would allow you to purchase with lower out of pocket, but the time on the job may be your biggest issue. It will all depend on all of the factors that a lender can help walk you through. Good Luck! it can be done.
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James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Sat May 8, 2010
Hi Jai, your information listed here is a bit too vague to give you an accurate answer, but it sounds like a firm Maybe can be given. Credit scores and income are probably the most important factors, but there are still variables. I am happy to talk with you and begin your qualification process...it just takes a few minutes. Our firm has been doing mortgage loans in the United States for 75 years! (please note, I have not been with the firm that long!! ) Jim, Home Savings of America, 703 591 5626, ext 419

Just a quick note for clarification: Many lenders are raising their minimum scores to 620 or 640, there are still some lenders that offer FHA down to 580. We have relationships with these lenders and can help you if your scores are lower than 620. Jim
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Anna M Brocco, Agent, Williston Park, NY
Fri May 7, 2010
Depends on your finances and credit--begin by visiting with any qualified loan officer(s) first, see exactly what your budget can handle and check your credit score--their scoring is different--then go from there. Currently FHA loans do require a minimum credit score of 620 and 3.5% down. Your loan officer can best advise you as to a mortgage as it relates to you.
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