- 6 years ago
- Wedding: May 2014
Bear with me, I don’t have a specific question, it’s kind of a vent, kind of just getting my thoughts out here for any helpful advice.
SO and I have recently discussed getting serious about purchasing a home. We aren’t ready to quite yet (lack of downpayment $ saved) but we are in the very very beginning stages of at least not only thinking about it but actually gathering info and getting to work on exactly what we would need to do in the future.
Well part of that is credit score, and I pulled my Equifax score and it’s so low (614)! I have a very high amount of student loan debt, 120k, (I’m an attorney) and too much credit card debt ($14k) because I ended up having to use credit cards to get me through school as well (I know this is bad, I don’t need lectures on this part – I’ve learned from my mistakes and am paying them off, not using them anymore).
The credit report says that I have “very good” payment history and “very good” length of history, but bad amount of debt and not good because I opened recent credit (I had to open a carecredit card in the fall last year due to a vet bill, but it’s been paid off in full since).
SO has no debt (no car payment, no credit cards (paid off) but he had bad credit in the past. He has avoided anything to do with credit reports/credit scores due to this, and I think he’ll be pleasantly surprised once he pulls his (he was going to tonight) because he’s had great payment history in the past couple of years, like I said, no debt and no long-term blemishes like bankruptcy or judgments.
Anyway, together we make about 87k a year (I get a raise in Aug which will bring us almost to 90k) and my debt would be our only debt. We would be looking at a house in the 100k-120k price range (in Buffalo you can get a nice 3BR, 2bath with land for that amount, love the housing market here!)
I guess I don’t have a specific question, but just looking for thoughts or suggestions from Bees who have been in my shoes. It seems so overwhelming. His best friend’s dad is a real estate agent, and he’s going to schedule an appt. with us to meet with a mortgage person at the bank just to get info, go over the process, etc.
Depending on how much of a downpayment we need and what the rules are, we probably would be gifted with about 6,000-8,000 from our parents for a downpayment.
We just don’t know if this is something that will be feasible within the next year, or if it’s going to take us much much longer. We’re both 30, so we don’t want to wait too long, but SO isn’t going to move in with me paying rent because he’s currently at home.