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So to cut to the meat of the topic I'm 21 years old working with a trade degree and make pretty good money for the area I live in (Louisiana). In march of next year I will be getting married and her parents are paying for the wedding. We both currently live with our respective parents and need to find a place to live by February.

Now for the numbers and other important information

  • I make around $73k/yr (before tax) with raise coming soon
  • She makes $12k/yr (hoping she can find a better job)
  • My only debt is $8k car loan ($300/mo) that I will be paying off in full by the end of the year (and then possibly selling it due to high insurance)
  • Her's is a $15k student loan her parents are paying (unsure if it's in her name yet or not)
  • We are looking at homes around the $130k and $150k range
  • Currently saving up for 12% down plus closing costs.
  • I have $12k in savings (very horrible money habits leading up to a couple months ago, i.e. truck loan)
  • Working on saving $22k for the house down-payment (12% down) plus closing fees, $6k for an emergency fund, $2k for the honey moon and then the remainder of whatever I save trying to pay off my truck.
  • Hoping to keep mortgage payments at $900 a month or less (enough for her paycheck to cover because my paychecks are based on lots of overtime and sometimes if work is slow I'll get a couple smaller paychecks)

My issue is I don't know what my credit score is (always been told checking it lowers it and knew it wasn't worth checking yet). I've been paying on my truck for around 15 months currently (no other loans or utilities bills or phone contract in my name) and plan on going to get a credit card only to charge around $150 a month on and pay it off in full every month to help build my credit between now and when we wanna buy. I want to avoid renting and jump into a house right away because we don't plan on moving anytime soon. My question is can we afford it? Can I build enough credit in time?

Thanks in advance for any replies and I apologize for any formatting or grammar errors that there may be.



Submitted July 10, 2018 at 10:07PM by BigOneWhittleOne https://ift.tt/2KZxvSM

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