Can you own a home on a Home Depot salary 14/hr?

Question

How practical is it? Is there anyone out there who owns a home and works at Home Depot as a "regular worker", not management?

Answer 1

14 an hr, only if you live in Kansas, Alabama, Louisiana,and Mississippi.

Answer 2

Totally.

How much debt do you have? Try to eliminate as much debt as possible. Even your car if you can. The less debt you have the more money you have to make a mortgage payment. You will also qualify for more house!

Do you have good credit? Better credit means lower interest rate which means less mortgage payment.

Are you willing to start off in a small home, town home or condo? If you just buy something to get into the market even though it is small or only a condo that is a huge accomplishment. Start small and move up. My first home was a condo.

When it comes down to it, it is not only the amount of money you make but what you do with it. If you have tons of debt and bad credit you will find it hard to purchase a home on a huge salary.

I have friends that make 72 thousand a year and can not qualify to buy a home because they have soooo much debt. They have great credit but too much debt. They have no money left for a mortgage payment.

My husband's best friend bought a fixer upper (granted it was a very needy fixer upper but still a home of his own) on a bank salary of only 12 an hour. He had a wife and 2 kids. They were debt free and had good credit.

It makes a difference where you live or choose to buy. Get qualified, find an area in your price range and go for it. I was shocked when I bought my first home. I believe anyone can do it, We all qualify for something. Just find something in your price range.

If you need to save money for a while, for a down payment or to get out of debt then start now.

I wish you all the luck.

Answer 3

You can, but it's not easy. It also depends on where you live. Higher cost of living areas will be almost impossible, but you have a chance in lower cost of living areas.

It will require that you take the time to get completely out of debt and make sure you have great credit first. Then you'll have to start small and work your way up, perhaps starting with a condo or 1 bedroom house. You should also watch estate sales and fixer uppers.

It can work, but it will take time. You're not going to be able to buy a big house right away, most likely.

Good luck!

Answer 4

I don't work at Home Depot but if you can afford the payment then do it. Real estate is a good investment, if you have to sell it in a few years you may still make some money, instead of loosing all your money on rent.

Answer 5

It really varies on where you live and how much income you have, how much home you are looking for, where you look, ect.

I am purchasing a home, it needs a little work but is definately liveable, it just happened to be a foreclosure. I got this home for $21,000. The mortgage payment? $165/month. I'm in Michigan. There's a ton of homes for sale around here, everyone is willing to come down in price because everyone is leaving. One of these days Michigan will catch up to the rest of the country and pull out of the recession/depression that we're in!

Answer 6

Yes, you can. As a matter of fact, if your credit is good (640 or higher) and you've worked there over 2 years, you can qualify with 100% financing for more home than you can afford, with a stated-income loan...

I don't recommend that, of course. You should buy a home that is within your budget. Talk to a mortgage broker about your options.

Rick
http://www.fairwaymortgagelending.com

Answer 7

depend on what and how much of a home are you buying?

you can save money by being a tightwad
1) eat noddle soup every day they are .10 at walmart so that give you .30 a day time 30 days = 10.00 a month
2) walk or use bus sell your car save on insurance by NOT having a car
3) no cable no internet access no phone unplug all application that you don't use that mean vcr/dvd that blinking cost money
no cable save you $40- 50 month no phone save you $50 month no internet save you $ 30 month =$130 saved up
save 50.00 a day get you 1500 a month time 12 = 18000 a years save up so you get an idea
get another part time and make even more money save

Answer 8

Absolutely, you can do it on 27k!

Here on Delmarva (DE & MD) there's plenty of Home Improvement Centers.
And, just because someone's asking price is whatever--you can make a reasonable counter-offer by way of a professional Realtor, acting as your “Buyer’s agent.”
You have to do a lot of research but it pays off in the end -- because after all, this is one of the biggest purchases you'll make in a lifetime. The key is to have a good negotiator and communicator working along side of you to make this happen which would be your Buyer’s agent.

Good luck in all your future accomplishments...

The websites that I found very resourceful when researching demographics, prices etc: http://www.bestplaces.net/ and http://realtor.com/Default.asp?poe=realtor

Answer 9

Assuming you work 40 hours a week, it can be done.

The rule of thumb is that 1/3 of your income can go towards housing (mortgage, principal, pmi, and property taxes.) So you would need to find a house for 75,000 or less (unless you have some money for a sizable down payment.)

Answer 10

Yes.Why not?I would say it depends on the following;
may be 1 or 2 bedrooms
What state do you live?
There are lots of programs that you may be able to qaulify.
What is your credit score?
I am a loan Consultant.Drop me an emailat the following to know more about: [e-mail]

Answer 11

Course you can, my husband makes less than you do at" Miller Manufacturing-Hot Shots" and he makes enough.We're going through" Great American Mortgages Solutions " and they have special programs for almost everyone to own their own home. Just get on the Internet and do the search.