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I am really looking into buying a house and i am trying to get some tips and suggestions. I am looking at $60,000 . I have a full time job have about 5000 in cc. And 32,000 in student loans. Are my chances good to get a loan. I am stuck at this point
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by on Sep. 19, 2012 at 9:19 PM
Replies (21-30):
jmr03ten
by on Sep. 21, 2012 at 12:44 PM

Where do you live that you can get a house for $60,000? Everything around here, even condos and townhouses, are way more than that. We're talking $250,000 and up, and that's not even in a good neighborhood!

Jenni

jmr03ten
by on Sep. 21, 2012 at 12:50 PM

Where do you live that you can get a house for  $60,000? Around here, you can't even get a townhouse or condo for less than $250,000. And that's not even in a good neighborhood. And you don't get much space for that amount either. To get a good-size house, we're looking at the mid-$500,000's.

Shelly126
by Michele on Sep. 21, 2012 at 3:02 PM
Why don't you go to see an accountant or financial advisor, a lot of times these professionals can help you come up with a game plan to lower your debt and figure out if you are butting off more than you can chew with a mortgage from your debt to income ratio.
We own and have for the past 11yrs, this is actually our second home, we sold our first one in 2005 and have been in this one since.
hersheyb
by on Sep. 21, 2012 at 3:35 PM

We owned a house for 5 years, then we moved to a new state....we sold that house and moved into a rental.  We've now been renting for about 6 years and I wouldn't go back.  We could afford to own a house, but we were not saving anything.  So when things would come up like the furnace died, we had to beg and borrow to pay to fix it.  Now in the rental I call the landlord and they have to fix it.  We also are able to rent a much nice house than we can afford to buy.

kaitybird
by on Sep. 21, 2012 at 3:40 PM

We own our home and just financed it at a lower rate.  I think you will be fine depending on what you make a month.  Plus you also will have to take in to effect that when buy a home your expenses will go up.  There is NO harm in looking and trying if you REALLY want the house.  There are many places will to work with you to get you what you want!  You are very lucky to only have 5000 in cc debt.  I would say go for it if it is what you want.  You will never know if you do not try!

CjEmmemommy
by on Sep. 21, 2012 at 3:42 PM
A house for 60k? I have no idea what you would need to get that,
Where are you looking;)
I think as long as you have 600+ score you can get a good interest rate but I don't know how much debt to income you have to have.
rayroe2
by on Sep. 21, 2012 at 3:49 PM

BUMP!

tennisgal
by on Sep. 21, 2012 at 3:49 PM

you don't say what your income is. that's obviously a big deciding factor. 

jalex
by on Sep. 21, 2012 at 8:13 PM

 depends on score and what you bring home - debt to income ratio

jalex
by on Sep. 21, 2012 at 8:14 PM

 Min of 620 for a FHA loan.  You will need 20% down on conventional.  3% for FHA

 

Quoting CjEmmemommy:

A house for 60k? I have no idea what you would need to get that,
Where are you looking;)
I think as long as you have 600+ score you can get a good interest rate but I don't know how much debt to income you have to have.

 

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