2007-07-22 12:16:49 · 9 answers · asked by Dilya 1 in Business & Finance ➔ Renting & Real Estate
Unfortunately, you can't get a mortgage just because you now have a full time job!! Its very difficult.
You should work for a while, and see how far up you get. Keep up very good credit ratings. Remember, your mortgage will be secured to any new home so you have to first show financial stability and commitment to maintaining good credit without the mortgage before seeking it, because the mortgagee (your bank) will promptly seek possession of any new home if you default and the law is almost always in favour of the creditor.
2007-07-22 12:52:55 · answer #1 · answered by Worked 5 · 0⤊ 0⤋
The secret is your credit report to begin with. You can get your own by going to www.myfico.com it gives you the "score" that the lender will use and then you will be able to talk intelligently. If your score isn't high enough don't worry there are lots of companies out there that will offer to help you "fix it." but, frankly a quick trip to the library or bookstore will do that same thing at a lot less cost! Look for "credit repair". This is a point that a lot of parents are not sharing with kids today, so you need to learn it from somewhere. How to handle your money early on. Girls... Heads up on this! You need to be smarter because this is how we create poor people in this country when you (Heaven forbid) go through a divorce and haven't been smart and careful about how your money is set up! Watch Susy Orman on PBS for some good ideas. or pickup one of her books. My best advice to my grownup daughter was don't have a child until you, personally can afford it. Sorry that was off topic for mortgages. The next step after you know the score is to add up your income and then your debts. A mortgage Broker can help with this they have a form and you will want their help to find a lender who will suit your particular needs best. the % are 28 on the income and 36 on the debts for the best results. A lot of people tell me that they have the down payment but, they don't realize that you also need closing costs which can be another 3% of the sales price. There are alternatives but, that's why you talk to the professionals to get some more information on how to make it work for you when you want it to close. If you go to www.realtor.com you will be able to find homes to look through and when you click on one of the small photos it will give you a place to try out the financing. Play with the numbers but, remember there are catches in those numbers they don't include taxes (property taxes) or insurance and depending on where you are living those can be steep costs! Get the professionals involved early on you will be happier if you do.
2007-07-22 12:35:57 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
There are lenders that will lend you any amount if you have 760 or better credit scores and 5% down. Countrywide Home Loans ha s what they call their FAST & EASY program..with a 760 or better score, they don't need to verify your income OR your employment and you get A rates! Otherwise you can do a NO DOC with 20% down, and that is what it means..no documentation,,no Verification of employment or of income. So there are ways! There are companie4s that help you fix your credit and tell you how to improve your credit as well. If you find a good lender that knows a lot about this, he can usually sit with you and tell you what to do to fix your credit scrore and his services will cost you nothing but your loyality for a loan in the future. Good luck!
2007-07-22 12:33:22 · answer #3 · answered by RealtorV 3 · 0⤊ 0⤋
You will need to work about 2 years in the same trade to qualify for a mortgage. At 26K you won't qualify for much maybe 80K or less.
2007-07-22 12:21:03 · answer #4 · answered by shipwreck 7 · 3⤊ 0⤋
talk to your local banker...
remember 26K is not what you will bring home....you'll be lucky if 2/3 is what you actually end up bringing home.
how is you credit
how is debt to income ratio
these are just a few considerations...
good luck
2007-07-22 12:21:25 · answer #5 · answered by Blue October 6 · 1⤊ 0⤋
hi yes subject to other things you would still be able to get mortgage- if you would like a quote email me on quotes@mukconnections.co.uk ( independant mortgage broker)
2007-07-26 11:08:12 · answer #6 · answered by mia170107 2 · 0⤊ 0⤋
Probably depends on your credit. Maybe you could get a co signer to make things smoother. Unless you're a minority, then you can probably get a loan for a house AND a business. Then you can complain about how racist everyone is.
2007-07-22 12:20:35 · answer #7 · answered by Dust ~ 2 · 0⤊ 2⤋
depends on where you live, you wouldnt be able to with that salary in california
2007-07-22 12:21:20 · answer #8 · answered by yowuzup 5 · 1⤊ 0⤋
Assuming you are talking out of your a*s. I guess you have no hope.
2007-07-22 12:20:26 · answer #9 · answered by wonkyfella 5 · 0⤊ 3⤋