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4 Bumps

Buying a house...

do you know if we can get a loan to buy a house if our income is 25,000/year

Answer Question
 
Anonymous

Asked by Anonymous at 10:35 AM on May. 23, 2012 in Home & Garden

Answers (12)
  • BUMP!
    Anonymous

    Comment by Anonymous (original poster) at 10:38 AM on May. 23, 2012

  • It depends on your credit rating. You also need to have 20% to put down.
    robinkane

    Answer by robinkane at 10:39 AM on May. 23, 2012

  • Do you have a lot of other debt and bills?
    Melbornj

    Answer by Melbornj at 10:40 AM on May. 23, 2012

  • My parents only had to pay 2,000 when they bought their house. and our credit is 710
    Anonymous

    Comment by Anonymous (original poster) at 10:41 AM on May. 23, 2012

  • Our cars are paid for and we don't have any credit cards
    Anonymous

    Comment by Anonymous (original poster) at 10:41 AM on May. 23, 2012

  • depends on a lot of factors like credit rating, debt, monthly bills, any savings, where you live, etc etc...

    Right now we are trying to qualify for a loan through the USDA Rural Development, and my dh only makes around $26,000 a year, its been a long tiring process and we still don't know for sure if we qualify. Our credit ratings are 'ok,' not great but not bad either, and we've been slowly paying down debt. but for some reason they go more off of our monthly bills and how much we can actually afford month to month :-/ Although we're paying $600 in rent a month already so I think we'll qualify eventually, just have to get through all the paperwork first! Good luck and I hope you find a program that works for your family :)
    DreainCO

    Answer by DreainCO at 10:44 AM on May. 23, 2012

  • How is you credit? It is possible. Harder but as long as you have your ducks in a row than you should be good.
    Melbornj

    Answer by Melbornj at 10:45 AM on May. 23, 2012

  • Credit Score
    Debt to income ratio
    area
    cost of house
    meooma

    Answer by meooma at 10:46 AM on May. 23, 2012

  • The best thing to do is go talk to a mortgage lender. It doesn't hurt to go and see.
    missanc

    Answer by missanc at 11:01 AM on May. 23, 2012

  • Ok thanks ladies
    Anonymous

    Comment by Anonymous (original poster) at 11:26 AM on May. 23, 2012

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