My wife and i want to buy a house in the wheeling il area after renting for the past few years. We have a 3 year old daughter and we just want to own. Tired of renting. We both have full time jobs making a combined yearly income of about 67,000 to 69,000 a year. My credit score is about 620 and my wife s score is about 645. The only big bills we have is my car which will be paid off in may, and a school loan that i just consolidated into one. And she has a car that she just bought. We have a couple of secured cards that we ve made all on time payments on and it's really helped us get our credit up. What would be the chances of us getting a loan? I've heard of an FHA loan but i know there's certain requirements that need to be met?
We don't have that much to put down as a down payment, maybe 5,000 at the most. We want to contact a realtor or a mortgage person but don't really know who the right person to contact is. Any suggestions or advice would be appreciated.
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