Hey guys. My fiance and I are very, very interested in buying a home. We have been saving up like crazy the past few months (for a down payment). I’m wondering if we’d even be eligible, or should I just stop dreaming.
** We are looking for homes in a very low priced area in Minneapolis, MN. The homes usually are $ 40,000 and below. We would definitely at least have a 10% down payment. **
This is our situation:
1. We were evicted from our last apartments, because of our ex roommates’ negligence. Would this effect the likeliness of being approved for a home loan?
2. Our credit scores should be pretty good. We have always paid bills on time. The only negative thing within our credit history, was back when my fiance was 18 (24 now), he stopped paying his bills for an old cell phone, because he lost his job.
3. Our combined monthly income is only around $ 2500, depending on how many jobs I get per month with my photography business.
4. Our only bills are a car payment from me, cell phones, and car insurance. Which, together, equal around $ 500.
What do you guys think? Be completely honest! Thank you! 🙂