Im on top of the world right now! Do you think i will qualify for low income home loan?We really need it…?

Posted on Oct 9, 2012 in Stated Income Loans

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Question by Shawna Ryder: Im on top of the world right now! Do you think i will qualify for low income home loan?We really need it…?
I just went down to casa de la sol realty and did all the paper work and every thing for the low income home loan.She said we were the we’re the perfect applicants we have 710 and 695 credit score, rx no credit cards, stuff we own all are cars/dirt bike/street bikes/trucks, site and we don’t pay rent. bills come to $ 470 a month that’s cell phones/utility bill/car insurance and a $ 1,000 personal loan (payed down to $ 800) .We make $ 35,000 – $ 40,000 a year.How much do you think the bank will give us if any thing at all? We found a house for $ 140,000 we love!!! Think we even have a chance or are we just dreaming….
they said we don’t have to put money down and the payments will be $ 300 or under.

Best answer:

Answer by Huntsman
In my world – a mortgage should never be more than 2 times your annual income.
More lose standards are 3 times your income.
Max loan you’ll get is $ 105,000. That means a 35K down payment
And this will not allow you to save for the future, things such as retirement and kids college. And cars for cash will be a thing of the past. You won’t be able to save for them – you’ll have to finance them

What do you think? Answer below!

4avg.rating 18 votes.

6 Comments

  1. 3 times annual income is the MOST you will be approved for.
    You will need 40k cash plus the mortgage.

  2. You have a decent chance. You’ve proved yourselves to be responsible about money. Do you have something saved for a down payment?

    Good luck.

  3. It sounds like you may be close. Don’t overextend even if the lender says you can it can only lead to problems. You should have a backup savings account of at least 6 months house payments after escrow closes. Good Luck

  4. From the sounds of it, you’re looking really good to the lender. No matter if others think you qualify or not, it’s up to your underwriter.

    I am not going to burst your bubble…all I will say is that “What is meant for you, will not go past you”.

    Good luck on getting approved & I wish you all the best!!! :0)

  5. Dreaming. The most you would qualify for is $ 110K.

    BTW…if they claim that you don’t have to put money down….run away. It’s a scam. Plus your taxes and homeowners insurance alone will be over $ 300 a month.

  6. No realty can approve your loan.

    You can only afford about 100k. 300 would be taxes and insurance, the loan payment on a 100k loan Payments will be about 500 a month, so you can count on paying out 800 a month.

    You have a chance to buy a house, but you are dreaming about the costs.