I have really good credit but my income is low 20 000 a year after tax. I wanted to buy a house around 100 000 and 20 down is that possible?

Asked by: of Houston, TX on 2012-08-08T03:36:40Z

Best Answer:

With a loan amt of 80K your estimated monthly pmt including taxes and insurance would be in the high 700 and while you have good credit we would also look at total debt to income which with the info given will be a bit high. I'd like to see you at 25K a year to begin considering a 100K home. Feel free to visit my site and use the mortgage calculators to crunch some numbers. Good Luck and keep saving.

2012-08-08T13:48:23Z

Grace there are programs that designed for lower income families. Please get in touch with me so I can help you determine which program works best for your situation. 832 554-SOLD. Alton

2012-08-08T03:50:20Z

Grace That will be difficult due to your income after taxes. Sounds like you might be self-employed. It will be important to show a track record with a lender. You should get with a lender to review your situation. Mark

2012-08-08T04:01:25Z

Your monthly payment on 80 000 would be approximately 800 a month. It would be really difficult to afford this amount on your salary. There are some grants available that might help. Use the Contact Me link and I'll send you a couple of lenders you can contact.

2012-08-08T06:17:40Z

With a loan amt of 80K your estimated monthly pmt including taxes and insurance would be in the high 700 and while you have good credit we would also look at total debt to income which with the info given will be a bit high. I'd like to see you at 25K a year to begin considering a 100K home. Feel free to visit my site and use the mortgage calculators to crunch some numbers. Good Luck and keep saving.

2012-08-08T13:48:23Z

Grace please contact me. There are options out there for people with low income. One of them is a USDA loan where you get a subsidized interest rate to lower your payment. This loan is restricted to rural areas but just to give you an example most of Knightdale still qualifies for this loan and Knightdale is a great area. I look forward to speaking with you Petra

2012-08-08T14:37:59Z

Hi Grace. There is a site out there that allows you to discover what programs you qualify for as far as low income down payment assistance and the like. If you want that site contact me and I'll give you the web address. Just go and check it out. I can also assist you if need be.

2012-08-08T14:58:27Z

Yes depending on what other debts you might have. Contact me for a full quote.

2012-08-08T15:15:45Z

Yes Call me if you'd like to move forward. We can help you.Chris or Misty Marmolejo

2012-08-08T22:32:16Z

Grace please don't listen to the folks that say you cannot qualify. With interest rates where they are YOu can easily qualify with your income... Provided that it is indeed 20K /yr AND your credit score is at least a 640 and you have little or no other debt. The Principle and Interest portion of a pmt on 80 000 loan is around 350 to 380 depending on the interest rate and then you add your taxes and insurance your total pmt would be less than 600.So based on the information provided you would be able to qualify. Contact me if you have any other questions. I will be glad to answer them for you. Good Luck

2012-08-13T14:06:46Z

Frankly you can not. You have no income to be able to qualify for a loan. My suggestion get either a better pay job or a second job. For more details please call me and I will let you talk with a Lender for more details.

2012-08-08T03:59:05Z