I make a meager amount each year and yet survive and have savings for a home but the mortgage company says I do not make enough money to qualify for the loan, yet the house payment is 450 LESS than my current rent. I know others who have home loans that earn less then I do. How can I get a home loan for 100,000? The home prices are getting outrageous.
2007-10-29 08:57:39 · 7 answers · asked by operaphantom2003 4 in Business & Finance ➔ Renting & Real Estate
I have no debts, reasonable credit, and I have 8,000 for a down payment. I make 28,000 a year and right now pay 877 a month in rent. I have picked the area I am moving to and the average home price is 100,000 but I am looking for a bit of a fixer upper.
2007-10-29 09:08:38 · update #1
It has to do with your credit, location and income. Not one or the other, but all three.
And home prices are falling, if not in your area they will be soon.
Home prices are controlled by the consumer. We keep paying outrageous prices, they aren't "getting outrageous" its just the going rate.
2007-10-29 09:02:00 · answer #1 · answered by Phil M 7 · 2⤊ 0⤋
Consider trying to find someone who is willing to provide financing for a sale. Sometimes, if you have someone who really wants to move a house (especially a fixer-upper), they are willing to give you a mortgage on the house for a short term, say three or five years. That would be enough time for you to a) fix up the house and build equity, and b) establish a payment record on a mortgage. You'd probably have a little easier time getting a mortgage froma mortgage lender in a few years once their current crisis cools off a bit.
2007-10-29 17:41:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Save up for a down payment. Once you have 20% or even as little as 10% it will be much easier to buy a house. Also you'll need very good credit. And perhaps your rent may be cheaper but a mortgage company will also take into consideration the taxes, insurance, and HOA fees if there are any you'll be paying monthly.
2007-10-29 16:03:45 · answer #3 · answered by lepr0kan 5 · 0⤊ 0⤋
I can’t tell what the problem is: can you not get a loan or can you not find a house that you can afford with the loan you can get?
If you can’t get a loan: shop around for different lenders.
If you’re not finding homes in your price range, meet with a buyer’s agent and see what they can find you. A buyer’s agent shouldn’t cost you anything if you don’t buy (and even if you do, it’s still unlikely to cost you).
2007-10-29 16:20:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Very simply although yes you can pay the basic mortgage, you have to add taxes, insurance, utilities, upkeep repairs, etc. End result is you do not make enough to afford a home at 100K Taxes being the real killer.
2007-10-29 19:54:59 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
you must be paying an excessively high percentage of your pay for rent if you you still can't qualify for a payment that is that much lower than your rent-that mtg payment might still be too high a percentage of your pay - you don't mention anything about debt payments = ccard, car loans, etc - those greatly affect your affordability calculation also
2007-10-29 16:04:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Have you asked the seller to make you a loan?
2007-10-29 16:20:11 · answer #7 · answered by William H 5 · 0⤊ 0⤋