Is it possible to get a home loan @ a income of 13,200 a year?

Answer 1

What kind of home are you looking to get? A gingerbread house?

Answer 2

I am a Realtor. So based on my experience I can tell you that if your credit is good, you might get an undocumented mortgage loan, meaning that there will be no verification needed on whatever your stated income is. If you seek a documented loan, you will find that the prices of real estate , taxes and insurance would require you to earn a great deal more than $13,200.00 a year in order to qualify for a documented mortgage loan. I don't know what part of the country you live in, so therefore I can only tell you about the northeast part of the country. There are areas in the northeast like hunting areas where you might be able to find a super low price on a cabin in the country, that would possibly fit your budget. Good Luck!!!!!

Answer 3

Are you thinking of a mortgage or a home loan. A mortgage may be difficult with a salary of 13, 200(some organisations give up to five times the salary which give you £66,000 which will not buy you much in most parts of the UK. A home loan is dependent on you already having bought a home and the loan is set against your home any non payment of the loan means you can lose your home. Good Luck

Answer 4

Yes. Normally you don't want more than 26%-28% of your monthly income (before taxes) going towards your house payment. Depending on the area you live, let's estimate $700 a year for homeowner's insurance and $3,000 for property taxes. On a 30 yr. fixed mortgage at 6.875%, you can afford a payment of...oops. With that income, all you can afford are the taxes and insurance. Shoot. There are stated income programs in which lenders don't verify the actual amount you actually make, but then you still have to make the house payment.

I would find a room-mate willing to pay you rent. There's the extra income you would need.

Answer 5

It depends on how good your credit is and how much of a loan you need. If you need a $5000 loan, it might be ok... But a loan for $500,000 is a definite no. Check around at different banks and see what your options are. They should give you a good idea of what is possible. Good luck.

Answer 6

Depends on where you are buying the house. I know out here in MA I couldnt get a home loan on that amount but I probally could in MI(cause the houses are much cheaper). Try contacting a couple banks or real estate agents to see what they say.

Answer 7

It's possible, but you would have to put something of value such as a car or another home for assurance, incase you can't pay. Plus, your interest rate on the loan will be high, as well as having to pay it for more years than usuall. In this case, it might even be 40 yrs.

Answer 8

Yes you can the house you purchase is coloteral on the loan the bank doesn't have much to loose. I only make 18,000 A year and I have many loans for cars, ect

Answer 9

Too many questions left un-answered, where do you live, do you have a down payment, what are your credit scores, etc...

You can qualify for a relatively small mortgage loan, assuming your credit scores are average or better, but the amount you qualify for may not be enough to purchase anything in your area.

Answer 10

Probably depends on where you want to buy a house. You might not be able to get a loan in California, but you might somewhere in the Midwest.

Answer 11

yes, depends on your credit score. It's possible to get 100% finance with no money down for a house, but I'd suggest you find new ways to supplement your income.