I was just wondering if anyone was able to get a loan with a 40k salary..I heard that i could possibly get a F.H.A. loan which is much cheaper than regular loans..And if so how much house would i be able to get? I plan on buying within the next 2 years after we pay off CC debt..We live in Massachusettes but may move to Conneticut..At the time my ce score is 654 and hers is 639..Any information is appreciated..Thankyou!
It's not really about income. It's about debt/income ratios. It's about how much house you can afford while still paying your bills and essentials. SK
ONE OF THE REASONS I WAS APPROVED was that the P.I.T.I. was going to be around $200.00 LESS THAN THE RENT!!!
You should NOT have a problem...as long as you are NOT going to buy a $300,000 house. I have seen charts that have "HOUSE YOU CAN AFFORD"... You can call a local REAL ESTATE AGENT and ask "HOW MUCH HOUSE CAN I BUY WITH AN INCOME OF $40,000". There are tax benefits... And no rent... I got a special deal where I get 20% of the interest paid, off the "BOTTOM LINE" on the 1040 form.
http://www.smartmoney.com/home/buying/index.cfm?story=howmuch http://www.bankrate.com/brm/calc/afford_home.asp
