Quote:
Originally Posted by pink
A house is a very long term investment, You have to make sure you have responsible family members who are in a good financial standing, because if anything goes wrong its your credit on the line. Do your homework and think things through thoroughly. JMHO
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Thanks, I know it's a super huge decision. Just testing the waters right now.
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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Gotcha. The income is the largest hurdle. My parents make enough to consider the option, but obviously without stubs/credit it would be hard for them. I'm just testing the waters. Wanted to see if anyone else had a similar situation. It's out of my reach for now I guess.
Quote:
Originally Posted by Dream4Life
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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I'm in texas. Yeah I was intrigued with FHA loans because of the low required down payment. We could scrap enough up to make a good downpayment, but getting a loan would be difficult at this stage. I'm only a student after all. Thanks!
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