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I returned to school to obtain another degree at which time, I stopped working. During this time, my income to debt ratio has increased due to student loans. Recently, I have started working again at two part time jobs where I earn approximately $450/week (+-22--23,000/year). Other than the student loans, I have no debt (no car loan, credit card balance, nothing). My credit score has dropped to 706 due to my debt ratio from the student loans.
Purchase options in my area are in the $160K range and I can put down around $60K. I also have two individuals willing to co-sign on a loan for me. They are both retired, but comfortably so. Do I have any chance of getting a loan?? Maybe FHA?
Any advice or resources would be greatly appreciated. I am a first time home-buyer, so there is a bit of a learning curve.
Thank You!!
Last edited by savvybean; 08-06-2014 at 01:24 PM..
Reason: additional information
Need 2 full years of part time employment. You cannot qualify. And, I try to not advise unless it's solicited, but wait. Become stable. Have cash reserves. Don't buy a house with newfound part time income. It will always be on your mind, and not in the right way.
I thought there was some kind of waiver for recent graduates, no?
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