Automatic Cancellation Of PMI When You're Underwater On Your Mortgage
It doesn't apply to homeowners with lender-paid mortgage insurance (LPMI) or those with FHA or VA mortgages, drugs here which have their own mortgage insurance. Taking Timelines into Account Depending on the size of your down payment, it usually … You can use a …
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Great time to buy or refinance a home
GECU Online Banking at mygecu.org has a variety of free mortgage calculators including: Monthly Payment Estimators, Affordability Calculator, Minimum Income Calculator, Prepayment Calculator, Refinance Calculator and Move or Improve Calculator. … The …
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Question by Mr. Canoe: What exactly is needed to get an average house loan/mortgage?
I’m wondering what exactly are the steps and requirements needed to get a house loan from a bank of say 100k-200k. If you have an average yearly income of 25k/yr is it even realistic to get a loan like that?
Best answer:
Answer by Art Vandelay
Income qualification is usually 2.5 to 3.0 times your gross annual salary. So at 25k per year you would qualify for a loan between 62, medical 500 and 75, sales 000 (depending on the lender requirements). This amount would be between 80% to 95% of the cost of the home you are buying.
You would also have to qualify based on your debt load (credit cards, car payments, etc.), and on your credit history.
Know better? Leave your own answer in the comments!
if u have income of 25k Gross u barely
will get a loan for 100K and unfortunately
will lose it within few years cause 25K
is poverty in USA.
to get a 200K mortgage u need a job earning
at least 50K for 1 full year plus saving
20K for down payment plus saving
10K for closing costs, 3K for moving costs.
do your self favor read and study these.
house buying for dummies by Collier.
Total money make over , Dave Ramsey.
these will save u decades and 10,000s$
in hard pain filled life lessons.
good knowledge is good luck.
Have you heard of NACA. I believe they are covered by obama plan for low income recipients. Low intetest rates, no money down, all you need is a job for 2 years. Check them out.