We currently rent a place for $800 a month. Im interested in getting a loan so my family might be able to buy our own home. I dont know anything about loans or how they work. We can only afford to pay 800 a month torward the loan. I dont know if there is anyone that works with you. I know that a lot of people pay thousands a month towards loans and we cant afford that. I really want to get our own place instead of throwing away money to live in someone else's property.
If you could please help me, that would be great. Thanks.
2006-08-04 06:43:32 · 2 answers · asked by Tired-Mom 5 in Family & Relationships ➔ Family
Firstly, Yes it is always good to know where your credit stands.
Secondly, If you have tried to apply for a credit card or auto loan this brings your credit down considerably each attempt. So don't be doing this right now, if you are working on getting a house.
Thirdly, If you have a good established paying record on utilities, rent, etc. This looks good.
Fourthly, Any payments towards credit cards, automobiles, etc. this is revolving or long term debt counts against you when getting a home.
Fifthly, Mortgage lenders gauge all this plus 29% of your income as all one can afford to pay on a mortgage(including homeowners insurance and mortgage payment).
Finally, Without knowing your circumstances I am unsure as to where to direct you as far as loans go, but let me give you some scenarios, and you can see what range you fall into, okay.
If you or your spouse is a Veteran, You can get a VA loan. This means you/or your partner served time in the military now or in the past, and had an honorable discharge. VA loans can be little as no money down, and low low finance rates.
If you and your family(married or unmarried does not matter) have a very low or low income as compared to the area median income, and you can move outside the city to live in the rural zones, then you can apply to USDA for a gauranteed loan 502, or a direct loan 502(which this one is government subsidized, which means they give you grant money to help pay your monthly mortgage to suit the size of your family and your income).
Otherwise if you are not in these categories, then you check your credit, then get letters of credit from people you have good credit standing, minimize your debts, get your tax returns, pay stubs, etc.. and go see a mortgage lender.
Good Luck!
Happy House Hunting!
2006-08-04 07:34:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For a very similar situation a found a great solution at: HTTP://HELP.MYLOANSRATES.NET
RE Need help! Want to get a loan to purchase a house.?
We currently rent a place for $800 a month. Im interested in getting a loan so my family might be able to buy our own home. I dont know anything about loans or how they work. We can only afford to pay 800 a month torward the loan. I dont know if there is anyone that works with you. I know that a lot of people pay thousands a month towards loans and we cant afford that. I really want to get our own place instead of throwing away money to live in someone else's property.
If you could please help me, that would be great. Thanks.
2014-09-11 10:44:13 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Visit this site so you can find the best rates: WWW.LOANHUNTER.NET
RE:Need help! Want to get a loan to purchase a house.?
2014-07-14 11:18:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Loans are based on your job and other income and your credit score - check out your credit score then go to a loan officer...
2006-08-04 06:48:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋