I have a credit score of 720, I am about to graduate from college and will be getting a decent?

paying job. In about a year or so, I will be interested in buying my first house. Will I qualify? And what kind of house will I be able to afford, I will probably make around 40-50k/yr for now. My bf and I will most likely get married, as well, and his scenario is similiar to mine as far as credit score, but he will probably make around 30-40k. He also is a vet, so we will have the VA loan opportunity, should we take that option or the First-time home buyers loan. Please give me some guidance so I can have a realistic idea of what kind of home we will be able to afford. Thanks.

I have a credit score of 720, I am about to graduate from college and will be getting a decent?

What are the banks looking at?

Credit Score: 720 is about the best they could ask for.

Loan To Value: How much are you going to put down on your home? The lower (80% or less) the better.

Debt To Income: What are your monthly debt payments and how much is that compared to your income? Now include your new mortgage payments and taxes. The first number should be 15-25% the second below 35%. Remember a federal consolidation loan can help lower this by 5-10 point but will take 2-3 months to post to your credit.

Reserves: Do you have money left over in case of an emergency? This could be retirement, savings, etc. 2 months of bills is a positive.

Job: 2 years in the same career.

So how did you rank? If you got 2 of the 5 you%26#039;re looking good, 3 or more and you%26#039;re golden!

As far as where to get the loan from, the VA is a great option but shop, shop, shop! Compare the rates and fees that they will charge as compared to other lenders. I love guaranteedrate.com (low fees and rates) but using lendingtree.com or eloan are other good options as well.

Congrats %26amp; Good Luck!

I have a credit score of 720, I am about to graduate from college and will be getting a decent?

I would go with FHA. VA loans are sometimes hard to get, even for those who are qualified. Send me an email and I will help you out. I work for a Mortgage company who does both FHA and VA loans. Send me an email and I%26#039;ll send you my information. I don%26#039;t like giving it out on the forum here because too many people prank called me the last time I did that. If your serious about buying a home I can definantly help!

I have a credit score of 720, I am about to graduate from college and will be getting a decent?

Go to quickenloans.com and input all your data and income and it will tell you how much house you can afford as well as what kind of a loan you should get. Good luck.

I have a credit score of 720, I am about to graduate from college and will be getting a decent?

FICO 720 is the top end of %26#039;average%26#039;. Average is 673 - 720, depending on the survey. If you%26#039;re 22 (you wrote you%26#039;re about to graduate college), a lender may well look favorably on you, because your length of credit history can be no more than 4 years, 5 at most. Since length of credit history is 15% of your score, your credit report is likely spotless. Do NOT close cc accounts even if your balance is $0, it could hurt your score. Read %26quot;What%26#039;s In Your Score%26quot; at www.myFICO.com and learn about credit utilization and credit mix.

FICO 760 and above will get you the best rates. Make sure your highest 2 genuine FICO scores are at least 760. Many lenders use the middle (called the median) score of your 3 scores.

The standard rule of thumb is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Combined income range for you 2 is 70K - 90K, or 5800 - 7500 per month. 28% of that is 1630 - 1750 a month for an affordable mortgage payment.

Plug in the interest rate and the number of years of the mortgage into an online mortgage calculator.

Pay your debts down as far as you can at least a month before applying.

Income does not affect your FICO score, but it does affect your lender%26#039;s decision.

Visit www.hud.gov, and find a first-time homebuyer%26#039;s class in your area, and take it.

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I have a credit score of 720, I am about to graduate from college and will be getting a decent?

3 to 3.5 your yearly gross is one rule of thumb...puts you in a 250k home comfortably,combined income.Leave room for upcoming attractions in your finances{diapers,etc!!]

I have a credit score of 720, I am about to graduate from college and will be getting a decent?

Hi Austingirl!

Lenders like to see 2 years on the same job, your credit score is very good and I know you%26#039;ll find a good deal in Texas. Anybody can qualify for a loan. The question is, for how much? And what will the interest rate be? For a loan amount of $150k, and a rate of 6.5%, you can expect your mortgage payment to run about $1100.00 without impounds, maybe $1300.00 with impounds. Not sure about your prop. tax rates there. Impounds could be higher.

Forget quickenloans, though they%26#039;re good. Eloan.com is usually unbeatable on closing costs and rate. Also, you can pay points to lower your rate, but only do it if you intend to keep the LOAN for at least 7 years. Plz don%26#039;t call any loan officers. Use eloan for an idea of what you can get, only then ask some other LIVE loan officers if they can beat the eloan offer. they can%26#039;t!

Oh, the above scenario is for a conventional rate loan.

C YA