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How much money do you have to make to qualify for a home loan?

The recession has hit DH and I. he had to start working at walmart, which doesn't bring in what we'd like. He ONLY makes about 1000 a month. I know it's not much at all, but I can budget. I have 5000 to put down if we were able to get a loan. Right now we're living with my Mom and it's just NOT working out. So how much qualifys for a home loan?

Answer Question

Asked by Anonymous at 1:26 PM on Nov. 30, 2010 in Just for Fun

Answers (4)
  • What are your credit scores?

    Answer by ballewal at 1:39 PM on Nov. 30, 2010

  • It all really depends on what price range you are looking at and what your credit scores are.
    It is a buyers market right now, but you might be able to get a better deal by looking for houses to rent. People who cant sell their houses are renting them out for some good deals.

    Answer by mom2queenie2004 at 2:01 PM on Nov. 30, 2010

  • Depends on your debt/ earning ratios. The price of the house you are looking at.

    Answer by meandmyshadow at 4:21 PM on Nov. 30, 2010

  • What is more important is your debt to income ratio.

    Answer by tasches at 6:11 PM on Nov. 30, 2010

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