Can I Even Buy a House?
At Edwin Mortgage Team at Edge Home Finance, we hear this question every day—“Can I even buy a home?”
If you’re living in Anniston, Oxford, Pell City, Gadsden, Wedowee, Auburn, Opelika, or Huntsville and you’ve been wondering if homeownership is within reach, the answer might surprise you.
You don’t need perfect credit, a massive paycheck, or a 20% down payment to get started. What you do need is some basic understanding and the right team to guide you—(spoiler alert: that’s us).
Whether you’re in Alabama, Georgia, Florida, or Texas (especially sweet home Alabama), this guide is your foundation to understanding what it really takes to buy a home today.
What Lenders Really Look For
Buying a house starts with showing lenders that you can repay a loan. That’s it. You don’t have to be debt-free or rich—just financially steady. Here’s what we’ll help you evaluate:
✅ Income
Are you employed, self-employed, or receiving steady income (like retirement or disability)? Lenders want to see that money is regularly coming in.
✅ Savings
Even just $1,000–$5,000 can go a long way. You don’t need a fortune—just enough for upfront costs and reserves.
✅ Credit Score
This three-digit number tells lenders how well you manage your money. If you’ve paid your bills (mostly) on time, you’re already ahead of the game.
✅ Debt-to-Income Ratio (DTI)
This compares your monthly bills to your monthly income. Lower DTI = better shot at approval.
What’s a “Good” Credit Score?
Most lenders look at scores from Experian, Equifax, or TransUnion, typically using a FICO Score, ranging from 300 to 850. But here’s the kicker:
You can still buy a home with a credit score below 580. Yep, we said it.
Here’s how it works:
- FHA Loans: Credit scores as low as 580 with 3.5% down, and some go as low as 500 with 10% down.
- VA Loans: For veterans, active-duty military, and surviving spouses. No down payment and flexible credit guidelines.
- USDA Loans: Available in rural areas (yes, a big win for parts of Alabama). Zero down, with relaxed credit requirements.
- Non-QM & Portfolio Loans: Tailored options for those with income or credit that’s a little outside the box.
Even if your score isn’t perfect, we know loan programs that can work for you.
How Much Do I Need to Save?
Forget the outdated myth of needing 20% down. These days, it’s a whole lot more flexible:
- FHA Loans: 3.5% down
- Conventional Loans: As little as 3% down
- VA & USDA Loans: 0% down
- Down Payment Assistance Programs: Yep—free money might be waiting for you
We work with first-time homebuyer programs across Alabama, including in Calhoun, Etowah, St. Clair, Lee, Jefferson, Shelby and Madison Counties, that offer grants, forgivable loans, or help with closing costs.
Steps You Can Take Right Now
Here’s how you can move from “Can I even buy a house?” to “I just got the keys!”
- Check Your Credit
Visit AnnualCreditReport.com to review your score for free—or check with your bank or credit card company. - Know Your Numbers
List your monthly income and expenses. We’ll use this to calculate your DTI and set a realistic budget. - Start Saving
Even $50–$100 per paycheck adds up. A little cushion helps with closing costs or moving expenses. - Research Local Programs
Our team knows the best Alabama homebuyer assistance programs—and we’ll help you apply. - Avoid New Debt
Don’t take out new loans or open credit cards. This keeps your score stable while you prepare. - Talk to a Real Loan Expert
That’s us. No pressure. No sales pitch. Just solid guidance tailored to your situation.
Why Work With the Edwin Mortgage Team?
We’re not just licensed in Alabama, Georgia, Florida, and Texas—we live and work right here in Oxford, AL at 7 Snow Street. We understand what it takes to get a mortgage in the local market, and we love helping buyers like you.
Whether you’re just starting or ready to go, we simplify the process and get results fast.
Let’s Make Home Happen
You don’t have to be perfect to buy a home—you just need a plan. The Edwin Mortgage Team is here to help you build that plan and take action.
👉 Want to know what you qualify for?
Call us at 256-371-6811 or apply online for a no-obligation conversation.
Edwin Mortgage Team at Edge Home Finance
📍 7 Snow Street, Oxford, AL 36203
📞 256-371-6811
🌐 www.EdwinMortgage.com
📍 Serving Alabama, Georgia, Florida, and Texas
