So I paid 40 dollars for a credit report and FICO score. I have a 740 score for my credit report which puts me in the 5% default bracket on a loan. That means 5% of all people with my credit rating will go more than 90 days on a missed payment or will declare bankruptcy.
All in all not to shabby of a credit score for not making very much money. I may not be rich, but I am dependable.
So my next step now is to talk to the First Bank of Avon where I bank. They also participate in some low cost housing loans with Eagle County and some programs through them that I hope to qualify for to get up to 11,000 dollars for a down payment.
If I can match that with a 95% or higher loan, I am shooting for a 100% financing since I have no money except 2000 dollars that would cover closing costs, then I hoping to get approved for up to a 250,000 loan and would look at buying a house in the 200 - 235,000 range.
So I take a deep breath cross my fingers and think of ways to make money. First off would be adding a renter to my house. One renter at 500 dollars a month would bring in 6,000 dollars. And at 200,000 I am hoping for at least a 3 bedroom 2 bath and thus can have two renters and double that.
Second as I crunch numbers I am thinking of keeping the hotel job part time and if I can get 15 - 20 hours a week I will bump my own salary up 9,300 to 12,400 a year. So top those numbers on to a 25,000 dollar a year salary and hopefully I think I can make this work.
So everyone wish me luck and hopefully by August I will be closing on a house.
All in all not to shabby of a credit score for not making very much money. I may not be rich, but I am dependable.
So my next step now is to talk to the First Bank of Avon where I bank. They also participate in some low cost housing loans with Eagle County and some programs through them that I hope to qualify for to get up to 11,000 dollars for a down payment.
If I can match that with a 95% or higher loan, I am shooting for a 100% financing since I have no money except 2000 dollars that would cover closing costs, then I hoping to get approved for up to a 250,000 loan and would look at buying a house in the 200 - 235,000 range.
So I take a deep breath cross my fingers and think of ways to make money. First off would be adding a renter to my house. One renter at 500 dollars a month would bring in 6,000 dollars. And at 200,000 I am hoping for at least a 3 bedroom 2 bath and thus can have two renters and double that.
Second as I crunch numbers I am thinking of keeping the hotel job part time and if I can get 15 - 20 hours a week I will bump my own salary up 9,300 to 12,400 a year. So top those numbers on to a 25,000 dollar a year salary and hopefully I think I can make this work.
So everyone wish me luck and hopefully by August I will be closing on a house.
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