my credit score is 695 i get paid $10 an hour 40 per wk can i get i buy a house?

Answer 1

Yes, if house prices are reasonable where you are (i.e. you won't qualify for a $1,000,000 house) :) Call a bank or mortgage broker and get pre-qualified for a loan, they'll tell you how much house you can reasonably afford.

Answer 2

Basically your making 20K a year, but depending on what other expenses you have will matter how much you can get a loan for. BTW, did you know you probably qualify for section 8 housing?

If you can't figure it out on your own consult a mortgage broker to get a range you should look into. But really, you should be able to figure out a range on your own. If you were to get a 30yr. loan -- which you probably will end up doing with your job's pay -- just equate every 10K a house costs is going to come back around $80 a month for you.

Be careful with the no down payment loans too. The market has been having trouble all b/c of foreclosures b/c mortgage brokers are qualifying people to buy too expensive. Make sure to play the field with multiple offers from different banks and brokers. This way, you'll know you're getting the best interest rate. Also, stay away from "arms". They have "adjustable" interest rates. You're going to want to get a fixed-rate loan. Very important.

Answer 3

It shouldnt be hard to get your fico up to 720 if you are at 695...get it up there so you can get the very best loan....
10 bucks an hour may or may not be enough to buy a house, depends on the market in your area....you dont want to have a house, and then not have any money left over to do the other things you enjoy

Answer 4

For buying a house Credit History is much more important than credit score. Often, the lack of credit history is equated with bad credit. You should be aware that lenders will go through your credit report once you apply for loan for buying a house. Therefore you should polish your credit report. Anyway, in order to establish a good credit history and at the same time risen your credit score in a short time do following things:

1) Close all of your credit cards but one. It reflects in your credit report and it is a very good sign. For instance say that you have 5 credit cards with $1000 credit limit for each. Therefore you are responsible for $5000 of possible debt. But when you close 4 of them, now you are only responsible for $1000 of debt which lowers the level of risk of lending money to you.

2) If you have any loan, like car loan or any balance on your credit cards, try to pay more than your monthly payment for 6 months or something. I mean say your monthly due on your car loan is $150, try to pay $250 each month. Lenders can see these trends in your credit report and they see that you’re a responsible borrower.
If you don’t have such loans, I suggest getting a $3000-$4000 loan and paying it off in full in 5-6 months. You might pay $200-$300 of interest but you will save thousands of dollars in your home mortgage and interest rates.

Also checkout http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php
There are lots of articles there, related to your question, which you can find useful to boost your credit.

Answer 5

www.naca.com

It is a housing advocacy non-profit that does it's own mortgage lending.

Also, you might qualify for some HUD downpayment assistance through your city. I got $10,000 from HUD to purchase in what was called a "blighted" neighborhood. If you live in the home 10 years, you do not have to pay the $10,000 back. It was a HUD program administered through the local code enforcement/housing agency. There are income requirements and I still had to come up with some money. Good luck!

Answer 6

I recommend checking with Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

Answer 7

Yes, you can buy a house. Call a mortgage lender and get your finances prepared for a prequalification. This is where they will compare your debt to your income and determine how much 'house' you can afford. Good luck!