I'm tired of paying rent in my small, COLD home. I'm interested in purchasing. My stats are below--please provide me with your BEST advice.
-Single
-College Educated
-Steady Job
-Appx. gross income: $30,000 (I live in a rural area and this is a good wage here)
-First-time homeowner (would be)
-Some student loan debt
-No credit card or other debt
-Progressive community with much development
-The home I'm looking at is approximately $30,000
PLEASE: Feedback!
2007-01-03 08:18:27 · 6 answers · asked by kelly_sparkle 2 in Business & Finance ➔ Renting & Real Estate
I purchased my first home when I was 19 I had to have a cosigner, but I had bad credit too. If you pay your payments on your student loans every time they're due you should be in pretty good shape. You can always have a bank look at your profile and see what fits your needs and remember not all banks are alike so make sure you get the best deal on interest I got aloan for 35,000 at 15yrs and my house payment is 243 a month now I rent it for 400.00 a month so many possibilities you cant go wrong and you can always get your money back (well most cases)
2007-01-03 13:04:19 · answer #1 · answered by jeanetta_1983 1 · 0⤊ 0⤋
It sounds like your debt to income will probably be OK. You didnt mention any assets available for down payment. There are programs that offer 100% financing (higher rate). HUD is a good option for first time homeowners. Credit score should be at the very least 600. You should call a local mortgage broker and they can explore many options.
2007-01-03 16:35:25 · answer #2 · answered by Jamie B 1 · 0⤊ 0⤋
you want a house that costs 30000?
The home I'm looking at is approximately $30,000
where do you live?
I only can imagine a trailer for that much. my advice to you would be a condo and having no crdit card isnt going to help y since you have no histroy. You will need a co-signer for the mortage plan. I hope you also have some to put down since rates are between 5.75 and up.
If you make 30000 a year and cleared? or what not.
you can afford between 500-800 monthly payments.
2007-01-03 16:22:37 · answer #3 · answered by Jene 2 · 0⤊ 1⤋
Sounds like a great idea to me. You can definitely afford it. Why not become a homeowner instead of a renter? If you have any questions regarding the qualifications you will need for loan approval you can write me at mdesdunes@sicloans.com
2007-01-03 16:32:30 · answer #4 · answered by Michel D 2 · 0⤊ 0⤋
The home is $30,000? That's it? Nice.
Do you have $6000 to put down towards the home? If so, do that (it's 20%) and get into a 15 year fixed rate mortgage. Your income of $30,000 qualifies you for a more expensive home if you wanted one.
If you want more options, email me or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com
2007-01-03 16:27:40 · answer #5 · answered by baconshmals 2 · 0⤊ 0⤋
Apply online at Lending Tree or go to a bank. As long as your credit is decent you should qualify. You'll need to have 2 years W2s, current check stubs, and proof of rental history for at least a year.
2007-01-03 16:22:02 · answer #6 · answered by A T 2 · 0⤊ 0⤋