my family wants to buy a home becuz we are sick of renting cuz our manager doesnt do s**t for our house. the house we want to get costs 390,000 dollars and the down payment for it is 78,000. my parents make about 51,000 dollars a year. my moms credit isnt really bad but its not perfect. she has a couple bills to pay off but thats it. me and my sister r going to get jobs so we can help pay the mortgage and other bills for the home! i just want to noe how much u think we can get for the home cuz we already found a mortgage company that we are going to ask for a loan! and we have someone with good crdit who will cosign on the home for us! i just need 2 noe how much we can possibly get for a loan!
2007-03-20 13:01:56 · 3 answers · asked by WrestlingGirl! 3 in Business & Finance ➔ Renting & Real Estate
No one is going to cosign on your loan. They are then legally responsible for the debt.
Your "facts" are too vague to allow anyone to give you an answer. If you want to play around with mortgage variables and see how much you can afford based on real numbers, go to the free site www.dinkytown.net and use their financial calculators for mortgages.
2007-03-20 13:16:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The rule of thumb to qualify for a mortgage loan is 2 1/2 times the annual gross income.
2007-03-20 13:22:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With the idea of staying from sub-prime morgages since basically they are a scam if you you plan to live in the house for more then 2 years and its why most are in forecloseur now. just do a web search on morgage loans and take a website most of them have morgage calculators on them. Your parents are going to have to be the ones on paper for the house you getting a job to help them is amiable but to the lending company i dont believe it will matter and the qualification for the morgage will come from them. Most places will do 30% of your gross income some up to 40% but it also takes into account your recurring bills into the monthly total to figure everything out best thing is to have them take to a broker not a bank and spend sometime looking at options but at 50k a year your more in the 130k house value unless you have other assests
2007-03-20 13:15:36 · answer #3 · answered by godwhatworks 3 · 0⤊ 0⤋