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Should I buy a home? How exactly do I get approved for a loan?
I am 20 and my bf is 21. I think it’s a great time to buy a home but I have no idea how to. We curently rent for $1120 a month. We can easily make payments. However our income combined is really quite low. Im overwhelmed. How would we even get approved for a loan. I used a loan calculator on my bank’s website and we only got approved for $100,000. We would need at least $200,000 in our city. I have enough in savings to cover a down payment. How and what do I do, if anything? Should I wait to buy until I’m older? Im just worried that if we wait a couple years, the market will be way up and buying will be a lot harder. Any advide is appreciated. Thanks.
Side note: We have been living in our own place for over a year. We have been together for three years and will be getting married within the year. We have no debt. He has amazing credit and I have no credit.
I would go for it. The housing market is at a record low right now. With interest rates low, this would be the best time to buy.