I'm looking to buy a house before the interest rates start going back up.I've been steadily paying off my debt. I had about 30,000 in debt at one point and have gotten it down to around 15,000, i have a minimum payment of around 300 for these debt.
I make around 30000 a year. I would like to buy a house for around $75,000 with either a fha loan or Usda Loan I have a good credit score around 740
Will my debt hurt my chances of getting a mortgage? And What do you think my chances are of getting a mortgage?
Added (1). I will be having help w. My closing cost since the seller agreed to up to 5,000 in closing cost. And our property taxes are 1,200 for the year.$100/month. And Insurance is around 800 a month… I live in the house im looking to buy. And have been paying the taxes and insurance there for about 5 years now. As part of my rent.
& apparently you didn't read i'm looking for usda or fha-- usda doesn't need a down payment.& fha is 3.5% which our state has programs for down payment assistance.
Read more: Can I still get a mortgage while being in debt?
