I have approx. $20k in cc debt with an AGI of $60k. Will it be impossible to get a home loan with no down payment?
Thanks for your suggestions.
2007-07-28 17:44:43 · 4 answers · asked by nixboy301 2 in Business & Finance ➔ Renting & Real Estate
yes but I do suggest to pay off your CC debt first, save some money and buy a home later..the market won't appreciate anytime soon , maybe in 2 to 3 years..so you have time to pay CC debt and save
2007-07-28 20:26:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It would depend on your payment amounts on the credit cards you should be able to borrow up to a payment of 36% of your pay or about 1,800 a month minus your credit card payments so if your credit cards are 2% of 20K they would be around 400 leaving you 1,400 to pay on a mortgage assuming you don't have other debt like a car loan. If you had a $400 car loan that would leave you 1,000 for a mortgage. If you had say a student loan of 400 you could get 600 a month in mortgage debt.
But if you qualify doesn't mean you can afford it. You were living above your means before so you probably can't afford more than you were paying for rent.
2007-07-29 00:54:02 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
Most likely not. You are a high-risk loan applicant.
2007-07-29 00:53:12 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Not impossible, but realtor would want people you knwo that can cover your in case you can't pay off, and you credit history is the key.
2007-07-29 00:47:44 · answer #4 · answered by Anonymous · 0⤊ 1⤋