is there any one out there who makes 500 dollars a week and has bought a house? thanks?

Question

i will like to buy a house but me and my hubby make 500 a week can we do it???????????????? thanks for your time yahoo!

Answer 1

You make 500 a week per person or is that together, If you each make 500 dollars a week then I would think that you could buy a house with no problem. If you are making 500 dollars a wekk combined than I don't know. There are a lot of things to take into consideration. You could go to the bank and see how much of a home loan you could get approved for and then make a budget out. The only thing is is that you don't want to get in over your head with the payments and bills that go along with your home. I hope I have helped you some, and good luck in whatever you choose to do!

Answer 2

A straight answer to your question is hard to give because I am not sure if you make 500 a piece or combined, whether you have any additional debt, what kind of credit you have, how much you have for a downpayment, and how much you are looking to spend. The best advice I can give is to call a mortgage loan agent in your area and see what the necessary debt to income ratio would be. It should be a percentage of your monthly income that is to be paid on a mortgage. Then do that math. That really should be it. Advice: Make sure you have credit, bad credit is not the only thing that can hurt you, no credit can be just as bad. Try a credit union, they can sometimes help when others can't. Watch out for mtg companies who can finance those with less than perfect credit, the interest rate can be through the roof! Be sure to have enough downpayment to avoid PMI Insurance, that is just flushing money down the drain. Good Luck.

Standard debt ration is near 28% for a home loan and around 36% total debt. So, if those were the numbers of your mortgage company, your home loan monthly payment could be no more than 28% of your monthly income and any other debt and home loan monthly payment combined could be no more than 36% of your monthly income. Just an example.

Answer 3

The first thing I would do is check out a mortgage calculator and see how much home you can realistically afford.
If the 500.00 a week before or after taxes?
If it is after, you will need to give the loan officer your before tax figures.
YOu both might also consider a part time job to save up for a down payment.
But yes, I think you could buy a home.
I am not sure where you live but I recently bought a rental house for less than $20k.
The mortgage payments were under $200.00.
THe house is very small but it would have been a great starter house for someone.
We did need slightly less than 3k to go to closing so be sure to get preapproved so that you know about how much money that you will need to close the deal.
Shopping for a house can be alot of fun and will definitely bring you and your husband closer as you build your future.
GOOD LUCK!

Answer 4

Is this cumulative income (between you and your husband)?

It really depends on a few things:

1. Your credit rating means the most...below a 650 will only qualify you for a "non-conforming" loan where you will pay a boat load of interest. If you go no money down, surely you'll have to pay PMI as well. This will bring your Debt-to-income ratio beyond acceptable limits and usually make the home unaffordable.

2. Your Debt-to-Income ratio. This is how much you owe compared to how much you make. It tells the bank if it's realistic for you to gain the additional liability of a mortgage payment.
The price of the house, which correlates to the payment amount per month is the large factor. Most institutions will give you pre-approval on a maximum amount based on these factors. Keep in mind that pre-approval is not the final approval for the loan, it is just that the bank is saying, "Under the current conditions as of (enter date here) you qualify for $xxxx)" I don't recommend spending your savings account or purchasing a car between the pre-approval time and the time it takes to close.

Answer 5

BOTH of you make that... combined?

Wow... You must be an awesome coupon clipper~

Anyway... It depends more on what you put as a down payment and what kind of credit you have.

Usually when you obtain a mortgage, they check your beacon, see what accounts you have open and in good standing and then figure out the mortgage payments based on the price of the house and what amount you put as a downpayment.

That is really pushing it...