Currently I'm sharing a room with a roommate but I am looking into buying a house of my own. The recent slump in the housing market has further encouraged me in considering buying. However, here is my issue.
I'm presently earning around $76000 a year
Paying rent for $1500 a month
Gas and food $750
Total monthly payments on credit cards $875
Credit score is around 635
My question is, can I afford a house with this income? Would I qualify for a mortgage? If so then for what amount and if not, then what I can do to better my chances to get one.
By the way, I also have two sixty days late reported in my credit report.
Hope you guys can help me.
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