I am 23 years old, and have been in my career for 18months. It is very secure, and I take home $32,000.00 with no taxes. I really want my own home. I want at least a 3 bedroom home, 2 bath. I am single, no kids. Do you think that Ican afford it? I have about $20,000.00 in debt... about $15,000, in a car loan...
2006-07-08 13:53:13 · 6 answers · asked by Kristin M 2 in Home & Garden ➔ Other - Home & Garden
I do not need a downpayment.. My community has a mortgage system for their members...
I really want to get out of my moms house... and I think that I am ready to move on, and out....
2006-07-08 14:03:09 · update #1
I don't pay taxes, I am aboriginal
2006-07-08 14:04:48 · update #2
just tell the loan officer your from Mexico. work like a charm I have 5 homes do to it.
2006-07-08 13:58:22 · answer #1 · answered by Anonymous · 1⤊ 1⤋
When you apply for a mortgage they will be looking more at your ability to pay your debt and what percentage of your pay is going towards your debt each month rather than your total debt. Also, a bank may not see 18 months in the same profession as "secure".
Making $32,000 at your age sounds good, but it also depends on where you live and the price range of the houses you have in mind. Did you mean you make that amount after taxes, or you dont pay taxes? If your job is under the table you wont be able to get a mortgage.
My state had a first time homeowners program that helped me buy my house with less money down and a low interest rate. Look into any programs your state or county has available, it will help.
Good Luck!
2006-07-08 21:01:50 · answer #2 · answered by mand 5 · 0⤊ 0⤋
The only advice I can give you is only buy what you really need. I realize you are young and want to get it all now but why the rush to put yourself in major debt like that. Pay down some of your other things first and get a better credit rating, then you are golden. Never over-extend yourself to the point of no return.
2006-07-08 21:04:29 · answer #3 · answered by Kristen P 1 · 0⤊ 0⤋
dump the car and get something to drive that you do not have to make payments on and pay off the store credit cards
u need a credit score of around 750 to get a good rate
also look into first time home buyer bond money
2006-07-08 21:02:27 · answer #4 · answered by harleybill83 2 · 0⤊ 0⤋
Pay off your debts and car loans. They will be held against you. How much money have you saved for a downpayment and closing costs?
2006-07-08 20:56:56 · answer #5 · answered by Trollhair 6 · 0⤊ 0⤋
get a cozy one, with nice windows morely new windows, a great kitchen, and fresh paint on the walls.
2006-07-08 20:57:26 · answer #6 · answered by Hottie 4 life 1 · 0⤊ 0⤋