2007-03-06 10:44:53 · 8 answers · asked by Chris P 1 in Business & Finance ➔ Renting & Real Estate
I a mortgage broker form Edmonton, Alberta. I could get you financing but with such a low income you would not qualify for a lot. Do you have another person who may want to buy with you. Of course the amount you qualify for could be perfect if you lived in a smaller town. If you are from alberta you can contact me at my site http://albertamortgageguy.com
2007-03-06 17:18:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You really shouldn't buy with a credit score under 650. You can get qualified, but the terms will be horrible. Besides, at that income level, even if you could find something for around 60K you would be in serious trouble when (*when*, not if) you run into uninsured major repairs.
You're better off renting.
2007-03-06 11:26:03 · answer #2 · answered by Gitchy gitchy ya ya da da 3 · 0⤊ 0⤋
Yes and no...It really depends on the type of home you want, your lender's requirements and the banks they use. Many mortgage companies will lend to a credit score as low as 550, but with a score that low you will probably not get a very good interest rate, and that will effect your payment. A $100,000 home at 12.0 % interest will cost you about $1,200 a month and that does not include home owners insurance and taxes..Whereas the same loan with 7.00% interest is only $630.00 a month...Can you afford that? Try to bring your score up by paying off revolving credit lines and making timely payments. That will increase your chances of a lower interest rate which will lower your monthly payment. Good Luck!
2007-03-06 10:56:45 · answer #3 · answered by All I Hear Is Blah Blah Blah... 5 · 1⤊ 0⤋
Depends on the location and what type of home you're willing to settle for. Some doublewides can be gotten at a bargain and they have lots of space, comfort and convenience.
2007-03-06 10:49:15 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
You can. But that doesn't mean that you should. I'm a loan officer and could definantly get you a loan, no problem. And if you want some help email me and I would be glad to help you out. But don't get into a mortgage if you can't afford it.
2007-03-06 12:08:22 · answer #5 · answered by Amber J 2 · 0⤊ 0⤋
I suppose but you'll be living in a trailer park somewhere in Alabama. If that's what you call living the "good life", by all means git er' done
2007-03-06 11:08:45 · answer #6 · answered by Nasty Boy 2 · 1⤊ 1⤋
You could if you found low income housing...
2007-03-06 10:56:38 · answer #7 · answered by mychelleb25 2 · 0⤊ 0⤋
prob not......it's always better to wait
2007-03-06 10:47:45 · answer #8 · answered by Andrew S 2 · 0⤊ 0⤋