Got and tips on buying a home as an african american single parent?

Question by nene: Got and tips on buying a home as an african american single parent?
I am concerned with redlining and not being able to obtain a home loan due to location, race, and marital status, income, credit hx. I have about 4,000 dollars in debt from cell phone, utilities bills and two different credit cards. I have a student loan in good standing, and have financed two cars paid on time and now on a third. I have two jobsmaking 11.61 an hr FT at 36 hours, and PT at 13.50 hr at about 36 hrs a month. I recieve child support off and on. I will graduate with a bachlors this fall and will increase my earning and i plan to go on a get a masters. I am 30 years old and I have three kids 9,8,and 2 and I am just tired of throwing 800 dollars a month out of the window and uncertain of where I will be moving to from year to year.

Best answer:

Answer by Tmabel
Get a Realtor. Realtors work with home buyers for free. Usually you will have to pay off all of your collections but your accounts in good standing will be favorable. Also do not make any payments late from this point on I don’t care what kind of bill it is. One thing I am concerned about is your income. You have to have a good debt to income ratio. It seems like you have a lot of high priced items that you are paying on and I can see this being an issue. Also do you know what your credit score is? If your credit score is at least 600 and above you shouldn’t have any problems getting a mortgage but with your debt and income you may not qualify for a big mortgage. Another thing you have to take into consideration is the addition expense a home will cost. You have to pay all your utilities, hire a trash removal company, home owners insurance, maintenance, home owners association fees, closing cost involved with buying a home, down payment, and also you will need to maintain certain amount of money in your checking account while going through the home buying process this just lenders know you are able to maintain your bills and still have savings.

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