When to apply?

[RNneedsHelp]

Hello, first time posting and your advice is much needed and appreciated. I am a 23y.o. who just graduated from nursing school and will begin my new job in Virginia at the beginning of January. My parents have recommended that I look into buying instead of "wasting" money on renting. I found a home in a great part of town that is reduced to $150,000 but it needs ALOT of work. The real estate agent told me it would need a 203k loan.
So my question is would I even be considered for this type of loan? I have not had much income over the past 2 years because I have been a full time student. I checked my credit report earlier this year and it was 780, but I do not have a pay stub since I have not started the job, but can provide a letter stating my employment for January and I will be getting a base pay of $21.00/hr FT. Also my fiance is a governent civilian and makes roughly $30,000/yr but has no credit.
Do you think they will consider me for a loan with just a letter or should I wait until I have been working for a few months and then apply. I do not want to go to a loan officer and have them look at me like I am crazy with no current job. Any advice will be much appreciated.
Thankyou and Happy Holidays

[punani]

One must know when to apply for loan and what is involved in the process. Ensure that you have gone through all the terms and conditions of lending company

[Roger_Silvester]

You should start planning 6 months before you expect to buy. You need this time to clean up your credit report, and get funds that are contributed by family into your account long before the lenders go looking for it. Most lenders do not allow money given to you by family members to count toward a down payment, so you have to bury it early in your account.

Buying a home is a very serious investment that must work right on the first try with no mistakes. Patience and planning wins this game, do not be impulsive. Make sure your credit is clean, and then only apply for a home mortgage.

[tinkle]

For this you have to repair your credit, build your credit history when you will be at top level then apply for loan.

[zubin1234]

Buying a home means huge money requires its a big decision so it is better to plan very well and then decide. In this situation you need patience otherwise it cause problem.

[Jammy]

If you are thinking from a long term perspective buying a house will be the better option for you. Good luck, let us know how it turns out.

[jumbo2010]

Hi, I think there are many things before applying for the loan. The first you'll want to do is get a current copy of your credit report. Find your best deal before applying for a loan so that you don't find out 2 weeks later you could have gotten the same loan somewhere else for 3% lower interest.

[nimmysnv]

It is first necessary for us to first understand when and how to apply for loans so that, there will not be any problem looking further. As applying for loan when it is required is worth knowing and really very effective.

When a person is having debts then they dont need to be worry about anything and they can possibly apply for loans.