I want to buy a home for $500,000. I make $15/hour and work 40 hours. if I get a home loa, could I pay the monthly payments as well as run my househould?
2007-01-30 10:51:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
what is the maximum price i could spend on the new house??
2007-01-30 10:58:40 · update #1
you are going to need a 350K down payment if going conventional
Best bet now is to assume an existing mortgage or purchase a foreclosure from a bank or lending company.
2007-01-30 11:17:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The good news is that you may purchase a home, the bad news is that it will not cost $500,000.
The amount of house you buy will be determined by the income you earn and your ability to make monthly payments on this house.
You should look in your local telephone book and call a mortgage broker to pre-approve you for a home mortgage. He will complete a loan application, so take a seat, get your favorite beverage Before you call please have the following
#1 Two years of federal income taxes
#2 One month of your pay stubs
#3 Six months of bank statements from any banks you currently are using. Also all and any statements from your 401-K plan from work.
He will complete the application and run your credit check which will have your credit scores on it. Your credit scores will determine a loan program and interest rate.
Based on your salary he will also be able to tell you how much house you qualified to purchase. He will be able to issue a pre-approval letter telling you this information.
You may find a real estate agent or get a referral from the mortgage broker to assist you in finding a home.
Once you and the real estate agent has located a home, he will draw up a sales agreement for you and the seller to sign. He will also give a copy of this agreement to the mortgage broker.
In the mean time your mortgage broker will order an appraisal to verify the value of the house. Once that is done, you and the mortgage broker will go over some other items necessary to close the loan with additional information and documentation.
The mortgage broker will order the loan docs for your signature.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-30 19:52:11 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Not to be rude but no you cannot. You will find yourself in foreclosure really quick. You only take home about 22k per year. Unless you know something your not telling us, you are way out of budget. On a 31k/year salary you should be in the 150-175k range. don't listen to the mortgage broker telling you you can, he makes his money and could care less when your foreclosed.
2007-01-30 20:14:06 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
Unless you make a huge downpayment, you dont make enough to do a fixed rate mortgage. There is one other possible option and thats an option arm, but you may get burned in the end with it.
kmyers@lendsmartmortgage.com
2007-01-30 18:57:14 · answer #4 · answered by condorcall02 2 · 0⤊ 0⤋
in which state do u want to buy your home?
2007-01-30 18:55:54 · answer #5 · answered by ian r 1 · 0⤊ 0⤋
you can't afford it, get a better job
2007-01-30 20:17:10 · answer #6 · answered by djdraven99 2 · 0⤊ 0⤋