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Home Mortgage
Posted on 5/12/11 at 10:30 pm
Posted on 5/12/11 at 10:30 pm
Income: $11/hour (160 hours a month)
Let's just say $1,600 gross.
House Price: $130,000
Of course, I wouldn't get a loan by myself, correct? What if I have a co-signer. (Who already owns a house) They make around $90,000 a year and have excellent credit.
Final: Will I get the loan?
Let's just say $1,600 gross.
House Price: $130,000
Of course, I wouldn't get a loan by myself, correct? What if I have a co-signer. (Who already owns a house) They make around $90,000 a year and have excellent credit.
Final: Will I get the loan?
5
Posted on 5/12/11 at 10:40 pm to FunkyTiger
quote:
Final: Will I get the loan?
Hopefully not, unless you have a massive down payment or something you are not telling us. You do realize this house would consume about 80%+ or your income (including homeowners insurance, PMI, and property taxes) not to mention utilities, upkeep, ect.
How many roommates were you planning on having?
Posted on 5/12/11 at 10:42 pm to FunkyTiger
quote:
Home Mortgage
+
quote:
Income: $11/hour (160 hours a month)
Doesn't equate.
Posted on 5/12/11 at 10:42 pm to TigerDeBaiter
Oh yeah, I could add that I can put down 20%. I'll get a roommate. I plan on getting a second job, but didn't really think I needed to say that. Bankers won't care if "i'm getting another job."
This post was edited on 5/12/11 at 10:44 pm
Posted on 5/12/11 at 10:49 pm to FunkyTiger
Is now really the best time for this?
This post was edited on 5/12/11 at 10:50 pm
Posted on 5/12/11 at 10:51 pm to FunkyTiger
quote:
Oh yeah, I could add that I can put down 20%
This would def. help your chances in 2004.
quote:
I'll get a roommate
They don't care about this.
quote:
I plan on getting a second job, but didn't really think I needed to say that. Bankers won't care if "i'm getting another job."
Or this.
If you actually had significant additional income, then yeah, of course they would care.
Still
Posted on 5/12/11 at 10:55 pm to TigerDeBaiter
So, you're saying that 20% down isn't going to mean anything?
I'm not worried about "affording the house."
My main question is will they give me the loan you think? With the cosigner that is.
I'm not worried about "affording the house."
My main question is will they give me the loan you think? With the cosigner that is.
Posted on 5/12/11 at 10:56 pm to FunkyTiger
you should be able to get a $70,000 mortgage.
Posted on 5/12/11 at 10:58 pm to LSU6262
With a mortgage calculator, yes. With a cosigner?
Posted on 5/12/11 at 11:05 pm to FunkyTiger
quote:
So, you're saying that 20% down isn't going to mean anything?
Not without proving that you gross more than $22,800.
quote:
I'm not worried about "affording the house."
Well the bank is.
quote:
My main question is will they give me the loan you think? With the cosigner that is.
I don't know if a cosigner is going help you much, seeing as the cosigner already has significant debt obligations. Why would your parents even consider this though?
quote:
(Who already owns a house)
I was assuming that by own, you mean, they pay a mortgage.
Posted on 5/12/11 at 11:09 pm to TigerDeBaiter
The house is a steal, that is why they are willing to cosign. This house is worth $160,000. With work, maybe in a year or two, $180,000.
Yes, they pay a mortgage. Their combined income covers their bills plenty and they don't have "considerable" debt. All cars are paid off. No credit card bills. They have the mortgage and monthly bills. Combined, they make over $100,000. I just wanted yall's opinion on if they "cosign" will get me the loan.
Yes, they pay a mortgage. Their combined income covers their bills plenty and they don't have "considerable" debt. All cars are paid off. No credit card bills. They have the mortgage and monthly bills. Combined, they make over $100,000. I just wanted yall's opinion on if they "cosign" will get me the loan.
Posted on 5/12/11 at 11:47 pm to FunkyTiger
Bad idea IMO, but what the hell... the only way to find out is apply. 
Posted on 5/13/11 at 12:11 am to FunkyTiger
Probably not. Banks will not be able to use 2nd income unless you have had it for 2 yrs. Non occupying co borrower is not worth much unless things have changed. In the past you had to qualify by yourself to have non occupant co borrower. What if you dont have a roommate for a couple of months or can't find 2nd job. Then you are swrewed and so is bank
Good luck but don't think this is going to work out for you. Don't rush into anything like this as there will be other deals out there.
Good luck but don't think this is going to work out for you. Don't rush into anything like this as there will be other deals out there.
Posted on 5/13/11 at 12:43 am to David Wooderson
You can get one with a Co-signer I am in a similar situation to you. I bought back in May. My loan was larger than what you are asking for and my house was more expensive. I wouldn't tell them about the roommate my loan officer told me they don't count it because it is not reliable income.
Posted on 5/13/11 at 4:22 am to Groundhog
Just tell your parents to buy it and rent it to you.
Posted on 5/13/11 at 9:18 am to FunkyTiger
It might be hard to get a loan by yourself.....I had to get a co-sign about 10 years ago and I was making about 12/hr.
on $130,000 loan, your total note with insurance and all is gonna be around $950 or so. You gonna have a room mate right?
on $130,000 loan, your total note with insurance and all is gonna be around $950 or so. You gonna have a room mate right?
Posted on 5/13/11 at 9:20 am to FunkyTiger
quote:
With a cosigner that is.
Yes!
Posted on 5/13/11 at 9:21 am to Lee Chatelain
Do you need a mortgage broker. I can recommend one and she is very good!
Posted on 5/13/11 at 9:23 am to FunkyTiger
quote:
Home Mortgage
The house is a steal, that is why they are willing to cosign. This house is worth $160,000. With work, maybe in a year or two, $180,000.
Why are you assuming it's worth more than you are paying? Wouldn't someone else have purchased the home if it was such a steal?
Posted on 5/13/11 at 9:27 am to FunkyTiger
Wow! This thing has future bankruptcy, foreclosure, and strained relationship with parents written all over it. A bargain is only a bargain if you can afford it. $11/hour buying a $130,000 house does not compute.
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