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.
don’t have your paystubs
don’t have a loan program to determine what rate
don’t know if there will be another on the mortgage
don’t know how many tradelines you have
don’t know amount of reserves you may have
don’t know if there will be any gift towards closing
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?
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.