aprilranta
New member
Hey y’all. I’ve got house brain right now. I’m thinking of applying for a FHA home loan with my husband in the next 6 months but I wanted to see if perhaps you guys could give me some clarity on if we’re in a good spot to purchase a home in that time frame or not. Here’s some more details about what we’re going for:
We both make 65k a year. About 5k per month each before taxes. I’ve got a good credit score just over 720. But my husbands credit score needs work at 620. (Hence why we’re waiting another six months for him to pay off some debts and wait for it to go up). Tbh his debts are not significant at all. About 600$ in collections. He’s just very forgetful but now that he knows we’re on a schedule there’s a little more urgency for him to fix it.
We only have a car loan we split. And it’s just 200$ per month. No other debts on my part.
Between the two of us, we have $10k in savings. I want to save another 5 or 10 before we apply for a FHA mortgage in order to put that 3% and cover closing costs. Average prices in our area are around 400-450k for houses.
What do you think? Are we on our way? Or do we have a lot more work to do? Any insight would be great!
We both make 65k a year. About 5k per month each before taxes. I’ve got a good credit score just over 720. But my husbands credit score needs work at 620. (Hence why we’re waiting another six months for him to pay off some debts and wait for it to go up). Tbh his debts are not significant at all. About 600$ in collections. He’s just very forgetful but now that he knows we’re on a schedule there’s a little more urgency for him to fix it.
We only have a car loan we split. And it’s just 200$ per month. No other debts on my part.
Between the two of us, we have $10k in savings. I want to save another 5 or 10 before we apply for a FHA mortgage in order to put that 3% and cover closing costs. Average prices in our area are around 400-450k for houses.
What do you think? Are we on our way? Or do we have a lot more work to do? Any insight would be great!