2006-12-26 12:42:10 · 6 answers · asked by cathie j 1 in Business & Finance ➔ Renting & Real Estate
tax's go up, cost of living goes up, fixed income never goes up.
2006-12-26 12:58:10 · answer #1 · answered by glasgow girl 6 · 0⤊ 0⤋
It depends on who is doing your loan and what your fixed income is from. I do mortgage loans for people who are on fixed incomes, credit challenged (prior delinquencies, etc.). I even have programs where we can state your income and not have to prove it with pay stubs, W2's or 1099's. It also depends on your credit score (generally if your credit scores are over 700 - you should have no problem obtaining a loan).
If you need to improve your credit scores, I would suggest you opt out of pre-screened offers. I've seen this work with several of my buyers. It's free and you usually will see an increase in your score after about 60 days. https://www.optoutprescreen.com/?rf=t
This website doesn't claim to improve your scores (but it works every time I have a buyer register under here electronically for 5 years). Lenders consider you less of a credit risk by opting out (you don't want to receive pre-approved offers for credit).
2006-12-27 09:24:44 · answer #2 · answered by Martini Babee 4 · 0⤊ 0⤋
A good question! Lending, credit ratings and all that really come down to the lender determining if you are a good risk or not. Has your credit been good to this point? If not, with time and doing the right things (keeping bills paid, not canceling credit cards or applying for new ones, etc.) you can make it better. Do you have any savings? Can you put aside any money toward a down payment?
Also, I would keep trying different banks/lenders and if they are saying "no" try to get them to explain what would need to be different to get approval. Good luck.
2006-12-26 20:48:22 · answer #3 · answered by danl747 5 · 0⤊ 0⤋
Some financial institutions due...its just that no one wants to lend money to someone that would not be able to afford the monthly payments. Also, rent and mortgage payment are different. The mortgage payment not only includes the payment for the home but also the interest. I am also not mentioning all the extra expenses that you incur just from owning a home....no more landlord.
2006-12-26 20:45:38 · answer #4 · answered by RoRo 3 · 0⤊ 0⤋
Go to the HUD link below, which will take you to the home buying part of their site. Look for a homebuying program in your state. There are programs to hlep lower income persons buy homes. You just need to be persistent in finding them. Good luck.
2006-12-26 20:53:50 · answer #5 · answered by silverside 4 · 0⤊ 0⤋
that is a good question i have wonder about it myself and i can't seem to get an answer at all.
2006-12-26 21:08:01 · answer #6 · answered by meanie 1 · 0⤊ 0⤋