Is it still a wise move to buy a new home?
I think I am getting closer to buying a home but I'm still on the fence. My score is 620 and credit is under repair. I have a lower payment on my student loans and my salary is quite low. I am looking for a side hustle to increase my income. I make $60k yearly and get $5k in child support. I have at least $25k for a downpayment and I'm not sure if this is enough. What do you all think? by summer365 from Baker, Louisiana. Feb 7th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Generally speaking, the typical person can qualify for a loan about 4 times their yearly income. This would include child support if it will continue at least three years past the home loan closing. Any 'side hustle' income won't help unless you've been doing it for at least two years. Your down payment size is OK, but that credit score is very low. Not saying that you can't get a loan with that score, just that is will be problematic, and you'll end up with a higher rate because of it. I lend in MN, IA, ND, SD, and WI. I can be found at MNBestrates.com Cambria Mortgage, NMLS 274132
Dave Skow (daveskow)
#16 ranked lender in Washington - 453 contributions
1) child support can be usede fro qualifying if you can provide proff youve received it for a year and also it needs to continue for 3 yrs or more 2) side hustle income wont be usable for qualifying 3) get pre approved as its free and easy to do in order to find out for sure
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