Comments on: I am getting serious about buying a house and could use some help with a few qestions/comments.?

By: Ed Atun

Ed Atun — Mon, 05 Oct 2009 05:05:59 +0000

No co-signer needed. You can buy a house. I think you have everything covered..
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By: James O

James O — Mon, 05 Oct 2009 04:47:59 +0000

I'm going to keep this simple. With a 711 score, it that is your mid score, you should have no problem. You will need 2 active tradelines which it sounds like you have, 2 year solid work history, 2 pay stubs, and 2 years w-2's. After that you're good. The 904 is an estimate based on an average rate. Your payments will be higher than that. You will need to pay taxes and insurance as well as Private mortgage insurance. Go for an FHA loan. It will be your best bet.
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By: tjfinvestor

tjfinvestor — Mon, 05 Oct 2009 04:34:59 +0000

Hi, hear is some advice. Put a profit and loss statement together for the townhouse. The reason I say that is that you are planning on having roommates and your bottom line cost is dependent on several things. The place you are buying looks nice. Other costs are real estate taxes, monthly/annual homeowner costs for the townhouse, upkeep on the townhouse. The 904/mo. is just an estimate of a mortage loan payment so don't hang your hat on that. You will have a difficult time getting a loan at your age because you will have a lack of credit history. It is a risk to you to buy a townhouse, but, you are correct in that this might be a good time to buy one in Lancaster, PA. It is a beautiful town.
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