will i get a first time home owners loan?

my credit score is hurt by sallie mae (student loans) and thats it and is 529 while my girlfriend who is also filing has a 681. do we have a chance at a 109k loan?

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  • 1 decade ago
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    YES you have a chance, but NOT right now. Natural consequences catching up to you. Your score is too low, and if your loans are delinquent, forget it. So build your credit, pay off any delinquencies, talk to Sallie Mae and get a plan. Improve your credit month by month the way you destroyed it. Pay all your bills in full and on time, pay off ALL delinquencies, pay down/off all credit cards.

    SAVE for down payment. You need 3.5-5% FHA and 10%conventional, minimum down payment and if you have 20% you avoid extra costs of PMI. Also need closing costs.

    To get loan you need good credit, low debt ratio, down payment, stable employment, adequate income. You can do it, but not right now. About 6-12 months you'll be ready, if you work at it.

    Source(s): real estate investor
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  • 1 decade ago

    "my credit score is hurt by sallie mae loans" INCORRECT.

    "my credit score is hurt by the fact that I have failed to repay the sallie mae loans I promised to repay in a timely manner" CORRECT

    Until you start figuring out that your actions, not the paperwork, are causing this problem, you should not buy a house. I am not trying to be rude, honestly, but you need to understand that your financial management activity has consequences. Lending rules have gotten much more strict. You and your gf should both work on improving your credit scores, getting current with everything, and then look to buy a house. Just because it is a buyers market does not mean it is time for you personally to buy a house. A lot of people thought the buyers market was great 6 years ago because interest rates were low and guidelines were nonexistent, and look at the mess we are all in now as a result of it.

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  • 1 decade ago

    You would not be able to get any mortgage with a 529, especially when it's hurt by poor handling of established loans like those from college. You need to significantly improve your credit before buying a home. Do not put your girlfriend in a sticky situation by asking her to buy with you because with such a bad credit track record, there is a good chance she will find herself supporting the mortgage by herself.

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