If there is a couple and they want to buy a house that costs between $150,000 and $200,000. Is it possible that they could buy such a house by making $60,000 a year combined.
2007-07-07 10:53:22 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If they can afford the mortgage at a 30 yr fixed rate, yes.
2007-07-07 10:56:10 · answer #1 · answered by Harmony 6 · 0⤊ 0⤋
AT LEAST 3 major questions MUST be answered:
1] How much money does this "couple" have to work with - including down payment and closing/escrow/settlement costs?
2] What kind of credit history or track record do they have?
3] How good [or poor] is their credit rating? Not as a "couple", but on an individual basis.
I wish you well.
VTY,
Ron B.
2007-07-07 18:20:33 · answer #2 · answered by Ron Berue 6 · 0⤊ 0⤋
Yeah, even at 200000 the dti isn't too bad, assuming that's your only debt. It also factors in your credit score, assets, mortgage lates, self employed or not, loan to value of the home, how many years on the job, bankruptcy's and forclosures. I'm a mortgage broker and everyone has an individual situation. If you want, i'm on your friends list, just email me and i'll answer any other questions you have.
2007-07-09 10:05:49 · answer #3 · answered by marxistharpist 2 · 0⤊ 0⤋
Very likely. First save up money for a down payment, at least 10% of the house you want to buy. And figure you'll probably need several thousand dollars more for closing costs.
If your credit rating is good and you have sufficient money to put down, and not a lot of other debt, you should be able to get a mortgage.
Good luck.
2007-07-07 18:28:00 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Assuming they don't have a lot of other debt, they should be able to get a mortgage with that income. I qualified for my $115,000 house when I was making about $35,000. The bank will look at their debt to income ratio, however, and if it is too high, that could prevent them from being approved.
2007-07-07 18:00:46 · answer #5 · answered by Schleppy 5 · 0⤊ 0⤋
It could very well be possible, BUT, there are more then just income factors that are considered. Your best bet is to get your income information in front of you and contact a lender. Once they get all the information they need from you, then they can tell you what you qualify for exactly. There is no black and white box.
Good luck.
CA Lender
2007-07-08 03:55:52 · answer #6 · answered by lenderjayne 3 · 0⤊ 0⤋
They get a mortgage. That's like a really big loan from the bank and pay it back a bit at a times for years.
2007-07-07 17:56:31 · answer #7 · answered by Debi 7 · 0⤊ 1⤋
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There are 14 states its in a grey area, but I bet they dont even know which 14 states those are.
2007-07-07 19:17:52 · answer #8 · answered by financing_loans 6 · 0⤊ 1⤋
the absolute best way to get a good answer to this is to go to your bank of choice and get "pre-approved" for a loan and they can walk you through all your options
2007-07-07 18:03:30 · answer #9 · answered by mother 2 · 0⤊ 0⤋
They should, if they qualify for a low interest loan and have few or no other debts.
2007-07-07 17:56:06 · answer #10 · answered by Landlord 7 · 3⤊ 0⤋