Tax Credit Emergency Payment
July 7th, 2009
Question: buying a home but have a little debt?
My husband and I are planning to buy a home in 3-6 months, we currently have about $32,000 in debt (credit card and cars).By the time we buy a home one of the cars will be paid off and everything from our tax return will go toward our credit card debt.We have always paid our minimum due on time every month (no late payments ever)My husbands credit score was 720 but went down after we got the second car to 690 and my credit score is 717.And we’d like to know how that will effect us in getting a home loan. We are military and my husbands income is about 3200 a month and my income is about 900 a month.We’d like to get a 100% loan for a home in the 90-120,000 dollar range,but don’t know if our current debt will effect us getting a loan in that amount. I do have 13,000 dollars that I could put down for a down payment if I had to, but I’d really like to save that money for the future,emergencies,ect.What are our chances of getting a loan in that amount with our current debt?
Answer: From my experience, you should be able to get a loan just fine. I would consider building up a little money to put something down. You’ll probably get a better interest rate if you can.
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