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#3
02-16-2016, 12:54 AM
Senior Member
From Virginia
Joined in Aug 2012
2,329 posts
Malign0n
The Bank will want to see financial solvency to buy a house. It'll be really difficult to get approved for a loan with a $15K/yr income even with cosigners. But it's not impossible. Have a talk with a loan officer at a bank, they'll guide you through and maybe get you a pre-approval.

But I did a little math to show you how much you may get if you qualify. Based off your income, the maximum amount you can spend (45% of monthly income) is $550 a month for a house (That has to include taxes, insurance, and interest). Which in reality would mean a ~$280-330 Principal which translates to a maximum loan amount of $45,300.

With $20-30K down payment that moves up to $70-80K house.
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