Few Questions For First Time Home Buyer?
So I am very new to this whole buying a home ordeal, and kind of dense about it all as well. I had a few questions that I hope you can answer for me:
1) I make about $ 1400 a month, do you think I would qualify for a mortgage? I have excellent credit, and I’d be moving in with someone who has poor credit. Is this a problem?
2) If I do qualify, what would happen if I wanted to purchase a house for $ 90,000 to $ 100,000 with no money down?
3) If I wanted to put 20% down, could I take out a mortgage loan and use that towards a down payment on the house? What is the interest rate on a mortgage loan?
4) Addition to question 3, can I take out a loan as well for closing costs?
5) So figure I put 20% down on a house that costs about $ 90,000, what would my monthly mortgage payment be? About $ 500 or more?
Thank you for all the help! Always appreciated!