Can a single mom who makes 33,000 a year buy a house?

Question

My credit is good. I dont have alot of debt.I have 1 kid.

I live in Middle Tennessee

Answer 1

If your credit is very good, then yoiu should have no problem. There are tons of programs put there for first time home buyers and single moms. Depending on which part of middle Tenneessee you live in, you should be able to get something pretty new and decent. It may not be the biggest house in the world, but you will probably be able to get new construction. Of course, same rule applies...closer to the city, the higher the place. If you don't mind living a ways out, your taxes and overall house payment will probably be cheaper. Some cities also offer federal funding to help revive historic homes and home sites in areas that need help renovating. The only problem is that some of those areas are usually plagued with crime problems. If you have a young child, then it might be best to stay away from those areas, not to mention, renovation, even with funding, becomes time consuming and expensive in the end, and as a Mom, your time is probably already limited. If you have someone to help you with the work, though, it might be an okay thing. Check with your local realtor and with some of the home buying websites for those programs I mentioned. And when you go to buy, make sure you have someone you trust or a real estate attorney look at and explain all the documents so that you don't get screwed on a deal with outrageous interest or hidden fees. Good luck!

Answer 2

Yes, you can absolutely buy a home, just depends on what you can afford. Work with an expert who will work up options depending on your needs and goals. If you make approx. $2750 a month, divide that in half, subtract your monthly obligations and that's the payment you can typically get financed for. In most markets there are several homes for sale, so there's plenty to look at, and lot's of good deals out there... Good luck!

Answer 3

You could get a no money down, negative amortization load with a balloon payment. That would allow you to buy, but, down the road you may not be able to keep up the payments when they change. So be careful. Also, sometimes you can rent with an option to buy and part of the rent goes to the purchase. There is also something called a land contract, where basically the seller is providing financing.

Answer 4

Yes, you can even buy a house with a dollar! It all depends on five criteria: 1) Property 2) Motivation of seller 3) Negotiation 4) Price 5) Terms

Answer 5

Yes..>>
http://grants.nih.gov/grants/index.cfm

Answer 6

You should wait until you can put at least 10% down on the house. Then you might be able to build some equity in the home. You should probably look at houses between 70K and 100K

Answer 7

It depends on where you live, and what shape the house is in. Be careful if you buy an older house. The maintenance could be very expensive.

Answer 8

can you put a 10% downpayment.?.will the monthly payments on a 30 year fixed rate mortgage , plus property taxes and insurance be more than 30% of your take home pay.?..if you can find a home priced with these conditons then you can..otherwise you can't afford it and buying a home you can't afford is very dangerous and stupid..

Answer 9

yes you can. talk to a mortgage broker in your area and get prequalified. make sure that you are comfortable with the payments and the means to stash a little cash aside each month for upgrades and repairs.

Answer 10

hi, I live in MI so im unsure if this helps you... I know someone who makes around 25,000 a year, and they bought a house that was $100,000... it's not a huge house, but it is really cute... anything is possible girl!!