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Question by George Nelson: How can get home loan if I have low income, salve but can pay down good payment?
I was wondering, buy information pills as everyone says it is hard to get loan these days, if could be able to get loan. I have very low self employed income for past years. If I was going to buy house for 200K and had income about 700 dollars a month. Would bank give me loan if I put 60K down payment? My grandfather just passed and I inherited the money.
Thank you
Best answer:
Answer by Age of Reason
No because you cannot repay the mortgage of 140k plus property tax and house insurance. Find a cheaper house
What do you think? Answer below!
You can’t. The mortgage payment would be over $ 800 a month plus taxes and insurance.
Nope……and you are not even close!! Since you only make 700 per month, that puts you are only affording a monthly payment of about $ 250 per month. A 140k mortgage with property taxes and insurance will be over $ 1000 per month. If you do the simple math, you cannot afford even the basics of owning a home, let alone utilities and maintenance. You need to make MUCH more money if you want to own a house that costs 200k. Why not just buy a cheap mobile home or something else that you are able to afford with so little income??
Not on your life
A SURPRISE TESTIMONY ABOUT MY LIFE
My name is Michelle Maxwell. I live in Cleveland United state. I came from a very poor family, one day I cried all through the night, after that I fell into a very deep sleep and as I was dreaming I saw this Email address, I then began wondering what was the meaning of this dream. In the dream I was referred to money lender that said is the only one that can help me now, but I didn’t have system because my cell system had been disconnected. One faithful day I was at my home when a friend of mine came to me, she was filled with happiness; I then asked her what brought her to my home today? Ever since no one had been coming to my place because of the hardship that was falling upon me. She then told me that I should guess what make her came to me today? I then told her that I am not good in guessing she then told me that she applied for a loan from one Mr. David kollince and he gave her the loan without any stress. I then remember the dream I dream that was the name I saw also, I then told my friend that I have seen this name before in my dream, I then ask my friend if she was sure of what she just told me that he granted her the loan? My friend then took me to her house that is the place I confirmed that the dream will not refer me to a wrong person. I saw my friend’s name in the Document Carmella that encouraged me more again that this must be a saint to my life, I then told my friend to help me with some money to connect my system from there. I then applied from him also; he then granted me a loan of $ 100,000. I then made a promise that I must always testify this miracle on yahoo answer that takes place in my life to everyone. I know people will be wondering why I said that I came from a poor home and I placed my story to the world. I am not ashamed, if I did not enquire, I would have still been in abject poverty today, now I am one of the happiest people today. I am fully out of poverty. I Michelle will advice you to go for inquiry if you believe that you can pay back the loan you should enquire from this faithful Mr. David kollince (micro finance company) you can contact him via davidkollince@yahoo.com
. My family will always be grateful to you for the success you bring to our Home today. Even if I depart in death today or my husband our children will testify this to the whole world because they all know were they are coming from, your help makes us to be where we are today, my family will always pray for you for long life and good health.