 I'm shopping for a mortgage!! I want to use lending tree or one of the online comparison sites ...? |
| This is my 1st time buying a house. I want to make an informed decision, and obviously I want a great rate! How can I do this without affecting/lowering my FICO score because of all of the companies ... |
|
 What do you think of this house? |
| Below is a link to a house ... its a home video. What do you think? Should I buy it? Its sitting on 4 Acres of commercial/residential property ... probably would appraise for 130,000 --- buying for 45... |
|
 Should a FHA mortgage good faith estimate for closing cost be over 11,000 on a 243,000 house? |
| I finally found a great home and after the contract is signed my mortgage lady gives me a good faith estimate of 11309.07 She said FHA loans are typically higher.is this true.Should I be looking for ... |
|
 Can i sue my landlord? |
| Since i've lived in this house(over a year)there has always been a problem with the heating. I wanted to have British gas come out and send him the bill but he said no and got these gas people ... |
|
 Removal of personal property from a rental property? |
| I had bought and installed a chainlink fence around the front yard of the house I'm renting. Now the owner has filed bankruptcy and the house has been sold. I want to take my fence with me ... |
|
 I'll be 18 august 24 2008? |
| i plan on moving out in November during thanksgiving holidays while i'm not in school. i plan on getting a 3 bedroom apartment it will be me, my boyfriend, my friend, and his little sis moving ... |
|
 Major problems with house sale!!!!!!!! Please help.? |
I have sold my house. Offered on the one I want.
The first time buyers came back to me and got me to reduce the price (after the survey) I didn;t want to but because I want the other house did ... |
|
| Can anyone help me ? |
Hi i was thinking of renting a house but the thing is they are really expensive, How do people afford to live in a rented house these days and have money left for bills.
The thing is I dont ... |
|
 I am a Realtor and have been feeling very fatigued and unmotivated as of lately, it seems like I am following? |
| a viscious cycle of closing 1-3 transactions and falling back on the reserves and only working hard when I begin to have a 3 moth supply of income, what is wrong with me and what can I do to always ... |
|
 Ghost/ in my house? |
| Where can I go to check out the history of the house and the former tenants. From what my wife says the former owners, a husband and wife. the husband died in the house. Now even our guest claim to ... |
|
 My grandmother wants to purchase a home and use my income along with hers. Need Advise? |
| My grandmother would like to purchase a home and use my income along with hers. She has a good credit score but income needs a boost. Will the mortage loan also go on my credit report?... |
|
|  |
lashondra j | Can I get approved to buy a home at a $10.50 an hour salary? |
Hello, I live in New Orleans as a Receptionist getting paid $10.50 an hour. I have good credit, and I have a car that I currently pay a $400 note on. I'm getting married next year but would like to purchase a home before I do so. My fiancee is working on and off and get sometimes get paid around $14 to 15 an hour. I was curious to know would I be able to buy a house before marriage with my salary. I rather pay a $900 mortgage, instead of $800 rent (because the rent is so high here).
****SERIOUS & EXPERIENCED SUGGESTIONS ONLY PLEASE****
Additional Details
Oh I heard about those programs for low-income families. Like the soft-second program that gives you up to $60K down on a house. These programs for low-income families don't require a down payment. |
 |
 
Real Estate Guy
|
hi,
based on a 10.50/hr, assuming you work 40 hours a week. you earn 21,480 a year or 1820 a month. Based on this, you could afford a 400 a month payment. This works out to a loan amt of 44000.
If you add the fiancee, you earn enough for 103000 loan. |
|
yngblkbeau
 |
That car note is going to limit your options because it is taking up a considerable portion of your income, and your lender is going to be taking a serious look at your debt to income ratio. Consider that aside from the car note, you also have other monthly expenses (groceries, utilities, maybe a credit card, etc.). Any lender you apply to for a mortgage now will want a detailed list of all these expenses. They are going to add them all up, and, at the very least, they will be looking for a debt to income ratio of 30% of less. Anything higher than that and they will assume that you may eventually have problems keeping up with the mortgage payments. In years gone by they got very lax with this and were giving out mortgages to anyone with a pulse. The meltdown of the real estate market has caused them to be extremely cautious about who they lend to and how much them lend now.
How is your fiancee's credit? What is the price of the house you want to buy? and, how much $$$ do you have saved up for a downpayment and closing costs? If the two of you are planning to apply for the mortgage together, the answers to these three questions are critical. However, you said that he works "on and off" and thats not going to impress any lender. They will want to see a steady, solid source of income from each applicant, and your income alone is not going to be enough to qualify you for a mortgage that will bring your monthly payment even close to what you are now paying for rent. You COULD go the FHA route and put only 3% down, but thats not going to work out to your advantage in the long run, and you may very well find yourself underwater in that mortgage. Think about this: in some cases owning a home can be much more expensive than renting one. As an owner you will also be required to pay property taxes, insurance, and homeowner association fees or the costs of upkeep of the property. All these things would be additional to your monthly mortgage payment, and they are not cheap. In some cases, renting can cost hundreds of dollars less than owning per month. You have to do the math and figure which option would work best for you.
For your situation, I would suggest paying off the car before applying for a mortgage. I also do not recommend buying a house unless you have at least 20% of the cost of the house to put down. Your chances would also be much improved if your fiance has a steady source of income. |
|
Mike
|
Ishandra, It depends a great deal on your down payment. Most banks like to see about 20 %. But depending on the type of loan you maybe able to get by with less or none at all. Also something else to consider . You say you would rather pay a $900 for a mortgage then $800 for rent. Don't forget you have to pay taxes and utilities on the house as well. You need to sit down and figure out every cost involved before you do this. I am not trying to discourage you dear but I don't want to see you strap yourself down with something you can not afford. Ask the person owning the house you are looking to buy how much taxes and utilities run so you can sit down with all your monthly payments and see if you can afford it. Anyways I wish you the best. God bless ! |
|
Jeff T
|
One thing you didn't include in your question: How much of a down payment do you have?
|
|
100% Organic Snark™
 |
No -- not a good one. Only one of those "sub prime, adjustable rate" rip-offs. You don't make enough. Your mortgage payment will be A LOT more than $900 a month unless you get something like a mobile home.
Even if you fall for one of those offers that says "why pay rent? our house payments are only a few dollars more", you'll find out that those places are overseen by Homeowners Assocations and the monthly maintenance fees are in ADDITION to your monthly mortgage payment -- and may even be MORE. |
|
Pengy
 |
First with an income of under 22K adding a car payment of $400 there is no way you can even come close to affording a mortgage of 100K. Next there is no program that will give you 60K for a downpayment. Face the facts even when loans where plenty and they where handing them out like water even then you do not have the income to support a mortgage, taxes, upkeep and everything else. Net wise after taxes and minus your car payment you have around 1100 left. Your principle and interest at 6% would be 600 then add taxes and insurance guess what you have no money for electric heat and anything else. People are not jealous, just have common sense and the ability to look at the numbers. But you will not believe any of us so go ahead and get prequalified see where you end up. |
|
golferwhoworks
|
if this is your only bill then the max mortgage note including taxes and insurance could only be $382 monthly unless there are less than 10 payments on your auto loan left owing then yes you could get a note not to exceed 782 monthly house with taxes and insurances included. You can not add your fiance as his employment is subject at best and not reliable so his income will not be used at all in this process
I am a mortgage banker in TN & KY |
|
scoutma53
|
Well I don't know if the finance people will approve your application. However, things for you to consider are: do you pay all the rent yourself or does your fiance pay a part? How reliable is he re payment? Like, if you were locked into a mortgage and he defaulted or ran away could you struggle along by yourself? There are also other expenses which renters do not have: legal/closing costs of course plus any and all repairs. House insurance and local taxes. Utilities - some are included in rent where I live. If rent is so high there and you did buy a place, maybe you could rent out a room for extra income. In normal circumstances it would take you about 3 years to see a profit on your house, if you decided to sell it later. Good luck. |
|
Eurogirl
 |
If you are planning on getting a loan from your local bank, you need to pre-qualify for a home loan. It will give you a rough estimate on your APR and a monthly payment. Make sure that you debts are paid in full that way you will get a better rate for your mortgage. That's should be a first thing to do on you list before planning to purchase a property. It's a good idea to purchase a home, at least you'll know that you are paying to own. Dood luck. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 38 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
9 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
