Maybe for a $130K loan or $120K... I've saved a bit for a down payment, but its not much.
2006-07-14 03:39:36 · 7 answers · asked by Kathy S 2 in Home & Garden ➔ Other - Home & Garden
How can I get a credit card when I have no credit? It's like a catch 22. I don't have anyone to co-sign and I don't have much money saved up.
2006-07-14 03:54:54 · update #1
More than likely, the most you would be able to afford- presuminig $10,000 for down and closing- would be between $50,000 and $58,000. Even with a co-signer, there is a very high chance that you won't be able to get a loan from anyone. That would make your payments somewhere between $400 and $450.
Your long-term debt-to-income ration, most times is maxed out at 36% of your income per month, and that includes car loans, credit cards, etc.
A good rule of thumb, when it comes to purchasing real estate is to only purchase property whose price does not exceed 2-3 times your yearly income.
2006-07-14 03:56:58 · answer #1 · answered by Bradly S 5 · 0⤊ 0⤋
you def need credit! i just got a mortgage loan with my fiance and he did not have much credit at all. they advised him to go to the bank and borrow $3000 and pay it back over a few months - just dont sepnd the $$$ keep it in savings and just p ay it pack over like 3 - 4 months! this will help build your credit and increase your chances of getting a loan. now only making $24000 may hurt you! you might have to have someone cosign on the loan for you since you make that amount and want a mortgage at $120000! also there are loans out there for first time home buyers which you might want to check into!
2006-07-14 03:46:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need credit. Get a credit card, make a very small purchase and pay it as soon as you gethe bill. It will help you build good credit and you need that to buy a house/mortgage. Bad credit is better than NO credit at all... get some credit and don't go overboard.
2006-07-14 03:43:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yeah I don't think that will happen...you need credit to get credit I suggest you get a couple of credit cards buy stuff and then pay it off you need a history of good payment so try not to be late on your payments, and pay all of your bills on time that's what they look at. Good Luck!
2006-07-14 03:45:12 · answer #4 · answered by YD 4 · 0⤊ 0⤋
I don't know if you will get that, they will try to finance anyone. You should go talk to someone at your bank or a mortgage company and ask them how that works. I got one for 80,000 I make $34,000
2006-07-14 03:43:42 · answer #5 · answered by Nitengale 2 · 0⤊ 0⤋
The chances are not really good, unless you have a substantial downpayment, especially with no credit.
2006-07-14 03:44:01 · answer #6 · answered by Bassetlover 4 · 0⤊ 0⤋
good luck
2006-07-14 03:42:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋