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Hi Cinco! If you're only making $18k, maybe you're not as good a real estate agent as you thought. I'd suggest looking into pay day lenders. Not the best rates, but they'll loan to anyone.
So, ToyotaCamry, what happened? Did you get a nice home?
Quote:
Originally Posted by WannabeCPA
There are all kinds of mortgage loan calculators online that'll give you a general idea of what loan amount you'd qualify for with your income. Stop being lazy and at least put forth an effort to educate yourself. Nobody here knows exactly how much you'd qualify for. Can't stand these types of threads.
Sorry to be flip. 18K is not going to get you much of anything anywhere in the US except maybe Detroit where they sell ramshackles for $1. Best to save as much as you can and buy maybe a used singlewide mobile affixed to a foundation.
Can you buy a house if your making $18,000 a year and how much loan amount can you be approved for with that income
Yes you can but you have to go looking in areas where home prices are around $60,000 to 75K
If you get a good rate on a 75K loan the monthly amount is about $355.00 but you have to add in mortgage insurance and taxes and property insurance. So you will have to move or live in places that have homes for sale around $50K. There are not a lot but you may be able to do a Google search.
With and FHA loan you only need to put about 3% down and your debt to income ratio can be 43% so you can afford about $645 a month as long as you don't have much other monthly debt like car payments, student loans or minimum credit card payments. You also need to save money for closing costs that can be over $6,000 even on a cheaper home, or find a first time homeowner grant.
We are not a high priced area of the country, but even in a lower cost of living area an $18,000 income will not pay for a mortgage on a good vacant lot.
Why don’t you use that 200k to buy a house sans a mortgage?
The OP...and his alter egos...and LOONG gone.
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