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My girlfriend and I are only 25..Is it a good time to buy?

hi, my girlfriend and I have been pre qualified for a loan but i guess i still have doubts of actually being completely approved for a loan. We both are about 25 years old with degrees. Both of us have our school loans payed off and cars/ no credit card debt. Our credit scores are 780 and up. We have 20% to put down with extra money on the side on a 200,000 loan. I guess my question is i got laid off and collect unemployment and am allowed to make upto a certain $ amount each week without affecting my unemployment. My gf currently make about 1200 each week before taxes. Just wondering if we should get a co signer (one of out parents) to sign and make sure we get the loan or you think we have a shot on our own. I know we will miss the window with the 8k tax credit. by kyle8889 from Fresno, California. Dec 22nd 2009 Reply

Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions

If your income from the job is definitely required to qualify for the loan you may need a non-occupying co-borrower for the loan. Have you discussed the pre-approval with the lender who issued it. $5000 a month that your girlfried makes should support a $200,000 loan with no additional debt. Since un-employment income cannot be used to qualify you will need to prove that you are back to work in order to use your income. Un-employment income is not considered stable income and usable for qualifying because it has a time limit.

Dec 23rd 2009
Eric Sacco (Eric Sacco)
#123 ranked lender in California - 3 contributions

Yes you can with a co signer and you will need one for sure. You are also ok with the tax credit as it has been extended untill April. Feel free to call me at 858-625-8526Thanks! Eric

Dec 22nd 2009
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