Now, before you started giving advice, don't get any idea that I am that - ok? I'm making 6 figures, I don't have any problem buying houses although i don't want to have more than one property because I am happy with just one. I just want to ask this question for other people. Thank you.
2007-08-27 15:18:56 · 4 answers · asked by earth angel 4 in Business & Finance ➔ Investing
Yes, we were approved for a home loan with no down payment, and only on 1 income, and we are only in the 5 digit income. It can be done, but I would recommend people really get all the details before they jump in, such as what the mortgage, with the PMI and the property taxes are, because once those are both figured in, with average utilities, you may be approved for it, but you might personally not be able to afford it, even though the mortgage broker and realtor will tell you that you can.
2007-08-27 15:28:20 · answer #1 · answered by ALFimzadi 5 · 1⤊ 0⤋
Yes. Maybe it won't be in Manhattan or San Francisco, but yes. If living an otherwise frugal lifestyle it can be done. I bought 3 1/2 years ago on a household income of 45k. I lived pretty frugally for the next 2 years, until my income caught up some.
2007-08-28 12:14:24 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
this is retarded! if you want to know just ask, don't make up the "my friend" story... no one cares! anyway... yes i do think that people who make less then 60k a year can buy a house... it does depend on credit and where they live though!
2007-08-27 22:28:54 · answer #3 · answered by Anonymous · 2⤊ 1⤋
Yes, but only in places where houses are inexpensive, not in places where houses cost millions.
2007-08-27 22:28:20 · answer #4 · answered by StephenWeinstein 7 · 2⤊ 0⤋