Say l have $10,000..worked at my job for 1 1/2 years and my wife has worked at hers for 3 years...not sure about my credit history.. l have a credit card and have just started building it for about a year with no missed payments.. Is it possible for me to get a first time homeowners loan? If so how much?

Sure! W/0 knowing your incomes, l do not know what you qualify for, but find that out from the bank, then shop for the house. Congratulations!

Yes, it is possible. First thing you need to do is get your free credit report and make sure there are no negative items on it.
Secondly, you need to know that creditors and banks look at more than your credit score before making a decision to grant or deny you credit.

Depends on your credit scores, which is where you start by getting both your free credit reports from all three agencies, and your income.

l would contact a loan officer. Ask for a referral from someone who owns that could get u to a professional. There is no harm in looking & no cost to u to see what u qualify for. An experienced Loan Officer will get ur details & take it to different banks to see what type of loan u qualify for. There r also some great government programs for first time home buyers through Fannie Mae.

But with only having 1 credit card it might be difficult. The banks usually want to see a 2 year credit history with at least 5 trade lines (5 different accounts between u & the co-borrower) Sometimes they can substitute 12 months rent payments or utilility bills but that can get pretty difficult. l suggest getting either another credit card or if u do not want more debt than a secured credit card u put money on & draw from, that counts on ur score too.

its good u have cash to put down though. Make sure u have it in an account for at least 60 days though & do not take it out so that the avg. balance remains high

If u r looking in to buying a house that is a major investment. It is the largest Investment of money most people ever make. l tell people to go to myfico.com to pull their credit it will cost about $45.00 for all three reports & all 3 scores, but then u know exactly what then lender will see. The freebie reports give u higher scores than what the banks actually see. My fic is the same scores the banks see.

First things first before u go to a lender figure out what u can afford in ur budget for a mortgage payment, property taxes & insurance. A lot of people get approved for more than what they can comfortably afford. You still want to beable to live life, not just work for ur house.

They will approve u for anywhere between 33%-50% of ur total gross monthly( before taxes) income bewteen u & ur wife to be paid out in monthly fixed expenses. Your car payment + credit card payment + student loan payment +new mortgage payment, +property taxes, + homeowners insurance.

Hope this helps

Sure it is possible. . . .but not enough information here to say how much home you can afford. . . .go see a lender and get prequalified. . .
$10,000 is a decent start for a down payment on a home---need at least 3-5%, and more is better
If you have no other debt and adequate income. . . no problem. . .
Rule of Thumb: 1/4 of monthly income spent on housing

sure, it would be possible, but it would depend on how much of a loan that you're trying to get, the area that you want to buy in, etc. most importantly, you need to know your credit score. both you and your wife's. do not even walk into that mortgage office or bank without knowing those 6 numbers (3 bureaus for each of you). you might get a wicked surprise if you do not know.

Yes it is!!

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