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First Time Buyer For Studio Apartment

I plan to buy my first studio type apartment and I have saved up enough for a 3.5% down payment. The problem is, I have $100k in student loan debts that are deferred at the moment due to COVID-19. I also have a car loan for $4k. Do I qualify as a first time home buyer? What loan programs are the best given my situation? by kawasaki81 from Arizona City, Arizona. Oct 8th 2021 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,476 contributions

If you haven't owned a home in the past three years, you qualify as a first time home buyer. The rest is all about your income and debt. The student loan and the car may mean nothing at the price range you want to buy. On the other hand it could be a huge issue. Contact a LOCAL mortgage broker, give them a full application, and they will tell you what you qualify for. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132

Oct 13th 2021
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