Jan
10
Can a person get a morgage to buy a home if they make $10 an hour?
Filed Under Renting & Real Estate | 6 Comments
T asked:
I am a single mom. No child support. I make $2 over minimum wage. I once had a credit card that was maxed out (from years ago) and paid it off regularly until it had a balance of $0. This proves that my credit rating is good, as well as I am never late on paying a bill, etc. I plan to see a morgage broker in the next month to see if I could get a loan (first I have to get time off of work during business hours, which I can’t for the time being). I can save up enough for a downpayment on a house, as well as lawyers fees, and house inspection fees, moving costs, etc. But my main worry is that I can’t get a loan with 2 dependents and not having a large income.
I am a single mom. No child support. I make $2 over minimum wage. I once had a credit card that was maxed out (from years ago) and paid it off regularly until it had a balance of $0. This proves that my credit rating is good, as well as I am never late on paying a bill, etc. I plan to see a morgage broker in the next month to see if I could get a loan (first I have to get time off of work during business hours, which I can’t for the time being). I can save up enough for a downpayment on a house, as well as lawyers fees, and house inspection fees, moving costs, etc. But my main worry is that I can’t get a loan with 2 dependents and not having a large income.
Anyone have any experiences in this field and can tell me if it is possible or not?
I should add that since I am not a high income, that I do use government funded childcare while I am at work.
and am paying student loans.
Tamara
Dec
24
Getting another morgage?
Filed Under Renting & Real Estate | 2 Comments
aq_ga asked:
My brother already has a mortgage, can i get a mortgage and put it under his name, and i will pay him.
forget to mentioned that i am not a resident
Douglas
My brother already has a mortgage, can i get a mortgage and put it under his name, and i will pay him.
forget to mentioned that i am not a resident
Douglas
Dec
18
is it hard to get a morgage if i have 60,000 in savings +stable job for 6 years now?
Filed Under Renting & Real Estate | 7 Comments
Dec
16
Musculoskeletal asked:
Can someone explain, why don’t the morgage companies/banks just give the people with adjustable rates a fixed rate at a lower percentage rate and push them out to a fifty or sixty year loan. They would atleast be getting some money back and not have to worry about having to get back a beat up house and having to sell it at a loss.
The idea of a fifty or sixty year loan was just an example. What if they were to just change the person’s rate to a fixed rate. That would bring the payment down and the morgage/banks would be getting some money back.
Colleen
Can someone explain, why don’t the morgage companies/banks just give the people with adjustable rates a fixed rate at a lower percentage rate and push them out to a fifty or sixty year loan. They would atleast be getting some money back and not have to worry about having to get back a beat up house and having to sell it at a loss.
The idea of a fifty or sixty year loan was just an example. What if they were to just change the person’s rate to a fixed rate. That would bring the payment down and the morgage/banks would be getting some money back.
Colleen
Dec
12
matt asked:
so say u bought a house with the help of a finace company and then u miss a couple payments and the house goes into forclosure whats that mean also say ur missing payments and u know u cant afford to pay the morgage so u decide to sell ur house do u have to give the finace company all the money u owe them and then u get to keep the rest ? if u miss payments and u have know choice but to sell the house does the finace company make u pay them back all the money u still owe them plus a buttload of interest ?
Dorothy
so say u bought a house with the help of a finace company and then u miss a couple payments and the house goes into forclosure whats that mean also say ur missing payments and u know u cant afford to pay the morgage so u decide to sell ur house do u have to give the finace company all the money u owe them and then u get to keep the rest ? if u miss payments and u have know choice but to sell the house does the finace company make u pay them back all the money u still owe them plus a buttload of interest ?
Dorothy