Quote:
Originally Posted by 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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Couldnt have said it better myself.
Look into a FHA loan if conventional requires higher income. Also the cosigner will need just as good credit otherwise bank will go with the lower credit score of the two. finally, try direct lenders as well versus banks, they are more inclined to lend.
Also, location (price of house) matters big time. While this income may not suffice in New York, it may work in other states.
Good luck.
PS. make sure you get gift letters for the $$ for down payment.
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Sent: August 17, 2012 - VT
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