I am a single mom and wondering if there any chance of me buying a new home... I have good credit but have alot of bills... i have taken out loans and have been paying them back.. what do you think???
2006-11-29 02:41:32 · 8 answers · asked by ceemagiclydia 2 in Business & Finance ➔ Renting & Real Estate
You'll need to speak to a loan specialist. They can run your credit and give you an amount that you could be pre approved for given your current job and credit situation.
2006-11-29 02:43:39 · answer #1 · answered by E B 5 · 1⤊ 0⤋
All have given you good answers. How ever with that having been said, the last thing you will want to do is over extend yourself. Yes a loan specialist can get you qualified to buy, but I will tell you as I tell ALL my clients, DON'T buy all the home you can afford. Life happens and something will break and the last thing you want to do is start a new home with no EMERGENCY FUNDS IN PLACE. This is 6 months worth of expenses + your down payment and closing cost in the bank. I will also recommend that you get yourself as close to debt free as possible since children grow and have more wants than needs as time goes on.
I am a loan officer in Tennessee.
I just don't want you to make a sudden mistake and have a foreclosure on your credit file.
Good Luck to you and your family!
2006-11-29 10:57:19 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
First you never said how many kids, if child support , job and such. They will look at the loan amount, income, amount owed on other bills, property taxes and property insurance. Then they add the house bills, food ,utilities and maintence to see how much is left of your income. Then there is the title fees, survey fees, inspection fees, closing cost.
You said a lot of bills and loans, don't sound like you would get approved. But call Habitat for Humanity and see if they can help. There you have help them build the house, put in 500 hours I think it is. This can include lawn, inside the house and such.
Only other way around the hassle of a bank that I found is to pay cash.
2006-11-29 10:49:45 · answer #3 · answered by bubbles_grandpa 3 · 0⤊ 0⤋
Wait, you mean women can buy houses? Just kidding. By all means, yes, you can. There are a lot of factors you have to look at, and a mortgage specialist/loan officer/mortgage consultant/etc. will be able to give you plenty of info for what you want to do, and what you need to do. I'm a mortgage consultant in Indiana, but I can also do some other states. Shoot me an email if you want my help.
2006-11-29 11:48:10 · answer #4 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Most states and counties have assistance for single parents. Some places you can get as much as $50k in government assistance. I would recommend going to a loan officer who specializes in working with government programming and finding out more about what you may or may not be able to get.
2006-11-29 13:13:16 · answer #5 · answered by D4_Life 2 · 0⤊ 0⤋
yes call Roger Eagleton 16613190923 i'm also a mom who he helped out the company he works for writes loans , really nice young man , he will call you back and really work for you getting you the best deal on a new home loan, Call roger and you can have christmas in your new house....
2006-11-29 10:51:38 · answer #6 · answered by glitsyjewels 3 · 0⤊ 0⤋
If you are renting you will see an increase in monthly cash flow by buying through a reduction in income taxes. Interest paid on your primary residence can be deducted from your taxes....rent can not.
Here is some additional info. Hope this helps.
2006-11-29 12:21:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There are tons of single woman out there who have bought homes.
It depends on how much you have saved and/or how much you currently make at your workplace...
2006-11-29 10:45:51 · answer #8 · answered by LoveMySon 1 · 1⤊ 0⤋