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Can you get a home loan/ mortgage for $120,000 when you only make $30,000 a year?

Mathew V - 2006-07-06 20:53:21 - Personal Finance

Best Answer:

Maybe. There are some good rules-of-thumb that banks, finance companies - and you - should follow when consididering a mortgage. One is that the monthly payments on a mortgage should be in the range of 25% to 33% of your take-home pay. The monthly payment on on a thirty year $120,000 mortgage at 7% interest is $798.36. Remember you have to ADD the escrow payment for fire insurance and real estate tax to your mortgage payment. If your TAKE-HOME pay is $30,000 per year, you could barely cover the mortgage payment, but the escrow would make it a real burden. You might have to consider a smaller loan. Some local governments have programs that help first time homebuyers. Go to www.bankrate.com anad follow the links to "mortgage loan calculators" and play with some of the numbers.

Answers:

You can get a 10,000,000 loan if you make nothing a year from the mob. Of course, its at about 60% interest and if you don't pay they will break your kneecaps and smash your friggin head with a sledgehammer.

Sure, if you live in Georgia, you can get one if you make $20,000 a year.

it really depends on your credit cause you will be going on a long home loan so the bank wants to know you will be responsible enough to pay it out over the years. when i say good credit that normally mean first est credit. no credit is sometimes worse then bad credit. second at least 3 positive open accounts and less then 3 bad closed accounts...if your unsure run a free check online first if you think its OK next step is to talk to your personal bank since you already have history with them.

YES but what is your credit score ? Do you have any other expense per month? What are the taxes on the house that you are looking to buy? You can get a loan not at 60% . Your rate will be base on you LTV (how much you are putting down) and your credit score. I can get you a mortgage but you need to figure out your budget to make sure you can make to payments If you have any questions please email me at johng@oldmerchants.com

yes and if you live in md,dc,va,pa, or de give me a call I will help 18002614004 ext 2363

Maybe. There are some good rules-of-thumb that banks, finance companies - and you - should follow when consididering a mortgage. One is that the monthly payments on a mortgage should be in the range of 25% to 33% of your take-home pay. The monthly payment on on a thirty year $120,000 mortgage at 7% interest is $798.36. Remember you have to ADD the escrow payment for fire insurance and real estate tax to your mortgage payment. If your TAKE-HOME pay is $30,000 per year, you could barely cover the mortgage payment, but the escrow would make it a real burden. You might have to consider a smaller loan. Some local governments have programs that help first time homebuyers. Go to www.bankrate.com anad follow the links to "mortgage loan calculators" and play with some of the numbers.

I would think if you have little or no other debt that you would have no problem.

Yes, Your payment would be $717 your monthly income is $2,500 per month. If you debt to income is less than 45% your in good Shape. If you are looking for a loan give me a call or check out my website: http://www.firstmeridiancapital.com/HowMuchYouCanAfford, there's information to show you what you can afford. Good Luck!! Frank Barragan Meridian Capital Mortgage 909-489-4692