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Old 09-16-2008, 04:18 PM
 
4 posts, read 8,240 times
Reputation: 10

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My boyfriend and I are in our mid 20's. We aren't married, yet. Neither of us have finished college, but we both have decent jobs in our current State. I've got student loans, a car payment and both of us have credit cards to pay off. We are hoping (or dreaming) to move from South Dakota to Colorado within the next year.

What is the best way to go about this transition? We would like to buy a house in the Fort Collins, Denver, Greeley area. Does Colorado offer any first time homebuyer assistance, and if so, do you need to be a resident? Is there going to be an issue with us just wanting to up and move; not having jobs out there? Who do we contact to help answer the endless list of questions! How can we make this work!

We'd really rather not wait to move, but are we jumping the gun?
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Old 09-16-2008, 05:09 PM
 
1,811 posts, read 5,142,046 times
Reputation: 894
Your best bet is to secure a job first. The LAST thing on your list is to buy a home. You are not going to get approved without jobs and with all that debt. What is your credit score? How much dp do you have?

You should get jobs, pay off your loans and rent an apartment. Once you are living there and have your finances in order, you can figure out where exactly you want to live.
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Old 09-16-2008, 05:15 PM
 
4 posts, read 8,240 times
Reputation: 10
I don't know the credit scores for either of us, but I know I have good credit, and he has so-so credit. How do I find out the exact numbers? We've got about 5K for a down payment, but with what you're telling me, I think that would be best put towards paying off the credit cards.
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Old 09-16-2008, 05:31 PM
 
1,811 posts, read 5,142,046 times
Reputation: 894
You can order your credit report from equifax. I know you can get it for free once a year. How do you know you have good credit?

With only 5K down, and no jobs, it would not be a good idea to buy a home. Wouldn't you be worried about not being able to afford the mortgage? If you bought a home and couldn't afford it or get jobs, chances are you will not be able to resell it anytime soon. But it doesn't sound like you would get approved for a mortgage at this point anyway.

If you want to relocate, the best choice is to rent. That way, you'll be sure you like it there and you can get jobs. It will also afford you the opportunity to see what areas you want to live in because again, if you buy something and end up not liking the area, you will be stuck.
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Old 09-16-2008, 05:46 PM
 
4 posts, read 8,240 times
Reputation: 10
I guess I just assumed I had good credit based on the free credit report. I never did know how to obtain my FICO or whatever it is. Wow...I have a lot of work to do.

Thanks for opening my eyes!
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Old 09-16-2008, 06:45 PM
 
Location: Plano, Texas
1,676 posts, read 6,334,056 times
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There are several sites you can go to to buy a trimerged credit report. A trimerged report is all 3 credit agencies on 1 report. When applying for a home loan, the lenders will always use the trimerge report and use the middle of your 3 scores. Truecredit.com is a good source and it will cost you about $39 i think. You can request a free credit report from each credit agency once a year, but they will not provide you a score. The 3 agencies are equifax, experian and transunion.

I would agree with the other poster that now may not be the best time for you to buy a home. First of all, if you buy a home with your boyfriend and then you split up that would cause problems. In my opinion and much of this is from Dave Ramsey, i would suggest that you take the 5k you have, leave about $2500 in your savings for an emergency and use the rest to pay off as much debt as you can. Pay off the smallest debts first then get rid of the card so you dont use it, but DO NOT CLOSE THE ACCOUNT ONCE YOU PAY IT OFF, LEAVE IT OPEN!!!!! Closing a paid off account will negatively effect your credit score. Then attack what ever debt you have left and pay it off. Once you are debt free, build your savings to 6 months living expenses, then save for a down payment which at a minimum must be 3% of the purchase price. Dedicate the next year or 2 to accomplish this, then when you buy the home you will be debt free, have a good emergency fund and will have no problem paying the mortgage.
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