I found my dream house selling for 601,500$ And I have managed to save 1500 over the last 2 years. My credit score is very good. I think its 610. And if they want, I can also show that i get a 300$ annual bonus. Will someone approve me?
2007-02-16 08:10:24 · 16 answers · asked by Anonymous in Business & Finance ➔ Credit
god no.
20 years of payments without interest would be $31k a year.
2007-02-16 08:13:55 · answer #1 · answered by wizjp 7 · 4⤊ 0⤋
Not sure if this is a serious question or not, but no, you can't afford a $600k mortgage with an annual income of $16k.
The principal and interest payment alone would be $3,800 or so, which is almost triple what you make in a month.
FYI: a credit score of 610 is not considered "very good". You would actually be considered a credit risk.
2007-02-16 16:17:14 · answer #2 · answered by Mr. Knowitall 3 · 3⤊ 0⤋
LMAO...Very good credit score 610! wow what a joke...pretty funny though...16K a year? 300 bonus? LMAO...
look if you had about 30 people to move in with you maybe you could afford a payment of your dream home...If you had good credit 720 and above you could find a shady mom and pop Mortgage company that could help you with no problem trust me, that is exactly why so many people in so-cal are being put on foreclosure....
either way funny joke.
2007-02-16 21:14:49 · answer #3 · answered by IMPERIAL VALLEY HELP!! 1 · 0⤊ 0⤋
Not a prayer. Your total annual income including bonus is nowhere near enough to make payments. Plus 610 is a marginal credit score at best.
2007-02-16 17:10:04 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
I really hope this is a joke because if it's not then I simply can't believe how many people out there have absolutely no clue about credit guidelines.
The general rule of thumb is multiply your total salary for the year by 3. This is how much home you can afford. So think $45-$48,000.00 not $600,000.00.
You don't even make enough money to pay the interest on a $600,000.00 loan.
2007-02-16 17:00:45 · answer #5 · answered by ? 7 · 2⤊ 0⤋
Well its a good thing you mentioned the 300$ a year bonus because now you could easily handle the 5000$ a month housing costs you are going to have LMAO.
Get real. You should start looking at homes around 50k . Either that or marry a very rich woman.
2007-02-16 16:14:22 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Honey, you have big dreams and there's nothing wrong with that! (The house I love here is $825,000 but that'll never happen!) But, at $16K a year - that's all it is - a dream! Continue to save money, that's great, but you need to think a little more realistically. Talk with a loan officer and they can tell you exactly how much you can afford to spend.
2007-02-16 17:09:27 · answer #7 · answered by reandsmom77 6 · 0⤊ 0⤋
I think it will better if you start small, something around 60K. Unfortunately, your mortgage will be over $3500 a month, and I don't think a $16k salary can handle that. Maybe your first home should be a condo.
2007-02-16 23:38:58 · answer #8 · answered by Mac 1 · 0⤊ 0⤋
Since usual down payments are 20% of your purchase price, I'd say no. Since 610 the last time I checked was in the low range of scores, I'd say No. Since you are only making $16,000.00 per year I'd say NO.
2007-02-16 16:27:38 · answer #9 · answered by kam 5 · 2⤊ 0⤋
LOL. I truly hope (and I am certain) that this is meant as a joke.
It's a good example of how people have no grasp on reality sometimes when it comes to money.
And no, no chance on earth you'd get approved.
2007-02-16 16:14:26 · answer #10 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 0⤋
Are you really seriously asking this question? A person with half a brain can mentally work the numbers and realize it's next to nil! Go back to math class.
2007-02-16 16:19:09 · answer #11 · answered by Summergirlie 1 · 2⤊ 1⤋