Does anybody know if it is possible for someone making $30,000 per year (with about $400 monthly debt, and about a 615 middle score) to obtain a $165,000 home loan at 100% with no money down and closing costs included in the mortgage? This would be for a first time home buyer. Thank You.
$165K property is too much for you. When closing costs are financed into the loan, you can expect your mortgage (PITI) and maintenance to be very close to $2K/month. You make about $2500/month before taxes. You don’t have much room for survival, not to even mention emergencies. You might want to consider homes for $120K or less.
Actually, we
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don’t have your paystubs
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don’t have a loan program to determine what rate
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don’t know if there will be another on the mortgage
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don’t know how many tradelines you have
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don’t know amount of reserves you may have
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don’t know if there will be any gift towards closing
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and don’t know what your survival really is
so yes, it is possible… and your payment cannot be determined to be close to $2k/month without taking a complete application and determining your situation further.
Getting approved, and affording a house is not a simple yes no answer. You need to talk with a professional mortgage broker.
Loanman how are you still in business?
Exactly,
Start thinking creative finance options for yourselves.
buying a home is not as simple as 123.
Jason hit it right on the nose.
Plus you can get a 100% loan by doing seller financing and other ideas.