You’ll be just fine provided you don’t buy above your means. Your DTI ratio is great. Nice job.
Look into first time home buyer programs for both down payment assistance programs and low credit scores. The programs are designed to help in both situations.
If helpful, use this sources because it’s great at both helping you prepare and also get the grants.Book 1 of Real Estate Knowledge Series
Try to target areas that are within your means, along with getting down payment assistance. In most cases if you’re buying in an area where your income is below 80% of the median income of that area, you qualify for down payment assistance.
These programs can be a godsend for anyone lacking the finances or credit score.
I found this source very helpful at preparing and understanding how to get the grants. Book 1 of Real Estate Knowledge Series
You’ll be okay. Stay positive. Target to buy by this time next year before interest rates go up (planned in 2023).
So you can plan accordingly, think of and learn about the programs available that can assist you while preparing for your purchase.
First time home buyer programs are created for those who need down payment assistance and/or have low credit scores.
Get this source because it teaches you very effectively and efficiently so you can get into action and not months reading. Book 1 of Real Estate Knowledge Series
Good luck. You got this!
No need to worry. There will be plenty more opportunities. Use this time to prepare if that situation occurs again.
Align the proper loans with renovation products like a 203k or a HomeStyle Renovation loan. Everyone looks for the pretty ready to move in house, so you’ll actually be entering pools with less competition when you target the fixer-upper.
Also see if you can qualify for down payment assistance to couple with the renovation loan. I’d target a purchase before this time next year since the interest rates are expected to increase by 2023.
If helpful, here’s a good source (efficient) at teaching the buying prep process and getting the grants. Book 1 of Real Estate Knowledge Series