trying to get a mortgage?

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Me and my fiance are possibly looking into buying a house because we can pay a mortgage for about the same as apartment rent. We were told to check into an FHA loan, but what I was wondering was will we really even qualify given the way the market is right now. I am a full time student and make between 10-15 k, and she is a teacher and makes around 33k. I have good credit hers is bad, and between student loans and all we have a good bit of debt. But like I said if we could get a descent rate we would be able to pay nearly the same for mortgage payment as for rent, but dont know if we could get approved.

4 Comments
  1. Reply
    shazabia321
    May 4, 2011 at 12:56 am

    You could always look for the , “Lease with Option to Buy”, where it is like renting a home, but some of the money goes towards purchasing the home!!…Most of the people that own these properties do want to do a thorough background check on you!!…But some are ,easier to go through!!..And most properties are just sitting there vacant right now, and the owners are losing money every month that it just sits there empty!!.
    Or you could do what we did, as we both don’t have good credit….We got into our house, through an “Owner Financing” Option…Then you take on the property..”AS_IS”, and you have to pay a Monthly Mortgage, Rent…to them, but they hold the deed to the house until it is paid for!!
    I wish you alot of luck to you and your Fiance, and hope that you get lucky in finding a good deal, of a house!!.

  2. Reply
    Derek
    May 4, 2011 at 1:52 am

    you could get approved for a cheap enough house… the problem is she has the better salary and you have the credit…. Either way it’s way easier to get a first time loan then a 2nd or 3rd, cause the VA insures first time buyers.

  3. Reply
    bbwebpuppy
    May 4, 2011 at 1:54 am

    I just did a rough estimate for you.

    Assuming that:
    Your incomes = $ 4K/mo
    Your debt before housing = $ 500/mo (min monthly payments)
    Your interest rate = 6.5%

    You could probably qualify for about $ 135K in purchasing and would have to have a minimume of 3% = $ 4,050.

    Your princ/int payment would be $ 828, but you have to add taxes, insurance and mortgage insurance. The minimum I believe you would be able to pay is $ 1175/mo. Is that less than or = to your rent? Because your fiance has bad credit, I suspect FHA would be your only reasonably priced option.

    These estimates are based on factors we see in CA. If you are in another state, this would just be a rough idea of what you might be looking at.

    If you are getting info substantially different, feel free to contact me.

  4. Reply
    Meredith
    May 4, 2011 at 2:44 am

    Mortgage is one of the finance option provides facilities for the customer to buy the house or property. Normally the mortgage is provided by the banks and other financial companies and institutions for the home and other property loan. Some mortgage companies are also working in USA to give mortgage facilities where you can get the proper-information and advice as per your need. There are various types ofperiod that are suitable to the customers. You can select the repayment period depending on your ability after discussing with mortgage consultant. The mortgage application is properly scrutinized by the mortgage company with related documentation.

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