Help! Home loan, can I even get one?

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We need a house asap. We are looking at a cheap one, $ 22,000. First time home buyers (hopefully) in the state of PA, so any info on those type of programs would be good. I know I can’t go through a bank, it would have to be one of those rip-off mortgage brokers. But anyway check out our situation:
We only make about $ 22,000 a year. We owe ALOT! We owe about $ 20,000 in credit cards/vehicle loan. My fiance has good credit and he makes the most money. I have poor credit with hospital bills, 2 credit card settlements, and 2 utility bill collections from very recently (past 6 months) on my report. So I guess $ 22,000 GROSS a year broken down monthly would be about $ 1800 GROSS. Monthly we pay out $ 600 a month between loan and credit cards. Is there any hope for us at all? I am so desperate.
Purchase price is: $ 22k
taxes $ 902 a year
estimated insurance: about $ 350 (correct me if i’m wrong)
we have no money for a down payment.

  1. Reply
    Jon K
    April 30, 2011 at 1:10 am

    With no money for a down payment, and both signing on the home, then you probably wont even get approved with the rip off brokers. Sorry to say. You can try…..

  2. Reply
    April 30, 2011 at 2:05 am

    Your income alone (let alone the credit) will not get you the house. With your take home pay you should not even think of buying a house. The monthly gas bill will break you I’m talking $ 200 + in the winter plus food, water, electric, rent, taxes, insurance, car, credit cards, gas for car and DON”T have any children. YOU CAN NOT AFFORD THIS !!! Get a apartment and stop trying to live beyond your means and trying to keep up with the Jones. $ 1800 gross – that $ 600 car/credit cards – gas $ 100, electric $ 80, water and sewage $ 50, taxes $ 80, FOOD?, car gas? = over $ 1200 of your around $ 1,200 to 1400 take home pay. Not a smart thing to do!

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