You need to have a mortgage lender do a pre-qual for you. Since we don't know your other bills no one here can answer. You need a 2 year job history, so have you been working full time for the last 2 years? If you could increase your score to 700 you would get a slightly better rate. Also you need 3 tradelines showing on the credit bureau for at least 12 months before your credit qualifies. If you go FHA you need 3.5% down in your bank for at least 2 months before applying. You will have closing costs to pay typically 3-5% of the sales price. You can ask the sellers to pay these costs, but they don't have to agree. Pre-Quals are free. I would do that now to see what they have to say. They will tell you what you need if you don't quite yet qualify.

Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as USDA, FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of your monthly income earned would be used in a formula to determine what is called a debt ratio. This debt ratio would determine the amount a mortgage lender would allow you to borrow to purchase a house. This debt ration should normally not exceed 39%.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Make sure, before you get your pre-approval letter, you and your mortgage broker go over all your options, as to all the mortgage programs you qualify for, the interest rate, monthly payments. This will allow you to make an intelligent decision.

Once you have your pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial situation at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some benefit to you, good luck

"FIGHT ON"

Your income is fine. Your depth of credit might not be. And your time on the job is probably not.

Its a good goal but it might be a few years away unless you have a parent cosign or something.

Contact a realtor for more details but 3.5-5% or more down is probably needed.

As for how much you should spend, that's really out of my competence level.

2.5 x your annual income would be conservative. Lenders might go 3.5x.

first you should speak with a LOCAL mortgage loan officer and then speak with an agent.

OR you can find a agent (realtor) and they can refer you to a lender.

Im a single 19 yr old that makes a pretty decent income (3000-4000) a month. I recently bought a car and have a credit score of a 689. My next goal in life is to buy a home. A nice row house/townhome in Baltimore Maryland. I guess what I want to know is what to expect and how I should start the process? How much is too much for the money I make? And are their any special programs for first time buyers?