Can I get a loan for a house if I have $ 36,500, while costs $ 105,000?

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If a lender making a loan, the 3 times your annual income? Or they want to go by other factors as well? If the 3-times your annual income is true, then I hope I get a loan if I saved $ 36,500. If I can not get a loan with $ 36,500 in savings, I’ll save until I put $ 56,500 on a $ 105,000 Hause.Im after fixation in 23, and if I am 25 I will again put $ 56,500 on a $ 105,000 house. (I’ll be $ 10,000 for emergency funds in time, I have $ 56,500 down) I make 25,000 per year. When I’m 25, I worked for this company for 5 years. My credit score is 720 and I know there will be higher if I 25.Könnte In a conventional loan, if I had $ 36 500 or $ 56,000? When low income is a problem, I could Job.Ich a second would be 1 or 2 rooms for rent to friends and I have to pay any debt and nothing. (In TX houses are cheap).

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3 Comments
  1. Reply
    Kevin Otter
    May 13, 2011 at 5:33 am

    You very well can get a house. You have a good score and a good down. I would talk to a mortgage broker and a Realtor, get the ball rolling while interest rates are still low

  2. Reply
    real estate guy
    May 13, 2011 at 6:18 am

    First, you need to talk with a lender. THere are MANY factors that determine if you get a mortgage.

    If you earn 25000 a year, I would recommend a mortgage of NO MORE then 425 a month. This is what you can afford, not what a lender will give you, which could be more. But then you are house poor.

    At 425 a month, this works out to a mortgage of 70,000. Then you put the downpayment on top of this.

    There are loan programs with only 3.5% (FHA) or even 100% loans (USDA).

  3. Reply
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    May 13, 2011 at 6:46 am

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