Here's my situation: I'm currently living with my mom. It's obviously saving me a lot of money for my son (2 weeks 4 days old) and I to live here rent free. When I move out, I want to move into a property I own, not somewhere I'll be paying rent. I'd like to move out as soon as possible.
I live in Central CT where you can still buy a nice 2 bed/2 bath 1,144 sq. ft. condo in a nice area for under $170k
I'll be returning to work in March 2007 and I expect to gross $6000 per month. I expect to pay off my Visa and some other personal debt by April 2007. My expenses living with my mom are ~$1300/month including life insurance and health insurance. I'll have a ~$20,000 down payment saved by the fall and I'd like to purchase a condo then BUT I'm only 22 so my credit history is limited and isn't so hot (really rough summer in '06: pregnant, unemployed, payed all the bills (Car loan, visa), but payed them all late for 7 months) and as a dancer I don't have much proof of income.
I only worked 4 months in 2006 and grossed about 25k in those 4 months so that's all I'll be declaring for taxes in '06. For 2007, I'll be paying taxes quarterly based on my expected income so I'm hoping I can use that as proof of income as an independant contractor (dancer) but I don't know if that'll fly. I expect my credit score to be somewhere in the high 500s/maybe very low 600s by the fall of 07, but I know that isn't very good.
I plan to stop at my local credit union and ask them what the best way to approach this is, but I was hoping someone here might have some advice for me as far as what I need to do to put myself in a position to get a mortgage by Fall 2007 or if that's a total impossibility with my credit score and lack of steady income/employment history.
My family might add 10k or so to my downpayment (bringing it to 30k), but I know they won't co-sign the mortgage, so a cosigner isn't an option.
Any advice is appreciated! Thanks!



Reply With Quote

Sophia_Starina = stripper goddess 
Bookmarks