I have decent credit, make OK money and have $5000 down, is a home loan a possibility for me? To me that seems like not enough, but everyone tells me it is.
2007-03-27 14:11:38 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is not really a question that a Real Estate Agent can answer for you.
The best bet is to talk to a financial advisor who can let you know how much you can borrow against your current savings.
A real estate agent should always confirm with you that your finances are approved before proceeding with presenting your offer to the vendor.
2007-03-27 14:19:00 · answer #1 · answered by Beth 3 · 0⤊ 0⤋
If your credit score is over 600, you can get a loan with no money down. The thing that you have to consider is the monthly payment. Of course, the more you put down, the less the monthly payment. So, it is obvious that the more that you can put down the better. It also depends on the price of the house. Some places you can find a house for under $100k and other places you cant find a house until you are over $300k. Most places say that if you are renting and paying $1000/mo rent, then you can afford a house. It's a big decision and a lot to think about.
2007-03-27 14:24:51 · answer #2 · answered by Baileysmom 3 · 0⤊ 0⤋
It sounds like you may qualify for a first time buyer program. They are designed for limited assets to purchase. The most importnat thing to buying a house is your budget, what you have coming in and what you have going out (including the house payment in qualifying). Almost every type of loan also allows you to ask the seller to contibute to your closing cost in order to minimize the amount you need to purchase
2007-03-27 14:18:45 · answer #3 · answered by akindya 1 · 0⤊ 0⤋
If your putting 5% down, which includes fees, and your credit score is above 620, you will qualify for a conventional home mortage loan.
2007-03-27 14:16:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It could be possible but In order to answer your question i would need more info Call me @574-243-8792 X 282. I am a mortgage professional, and I can answer this for you
2007-03-27 15:16:25 · answer #5 · answered by Rick S 1 · 0⤊ 0⤋
Need more information. What is your credit score? What is your income? What price range are the homes you are interested in?
2007-03-27 14:15:23 · answer #6 · answered by poonie 3 · 0⤊ 0⤋
Yes it is... but you will have to shop around. Grab a copy of yuor credit reports, and call around and get good faith estimates from lenders. You will be surprised at what you can get.
2007-03-27 14:15:36 · answer #7 · answered by nolimitsladies.com 2 · 0⤊ 0⤋
Could you give less information? It would be impossible to get an accurate answer on this site. Never mind with no info.
2007-03-27 15:07:19 · answer #8 · answered by frankie b 5 · 0⤊ 0⤋
Speak with a mortgage broker as well as a trusted financial advisor.
2007-03-27 14:14:54 · answer #9 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
Depends where you live and what houses cost. Probably a mobile home most anywhere.
"Ok Money" means alot. $75,000/year?
2007-03-27 14:16:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋