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You would think so, and many with less than that thought, and were told, they could afford LOTS more than $200,000, and look where it got them and our country now. Do this, you have a little less than 6 grand a month GROSS coming in...how much is your spendable NET MONTHLY INCOME...... From that, deduct what it would cost you per month to own the house, utilities excluded. House payments, lets say you got a 100% Fn/FHA, VA/FHA loan 200,000 at 6% 30 years about 1,200/ mo average R E taxes 140/ mo average insurance 85/ mo so that totals about 1,425 a month. Your gross income of about 6 grand gives you what is called a 'housing ratio' of about 25% ( your FRONT ratio)..GREAT. YOU MORE THAN QUALIFY !!!! you have lots of disposal income left over, too ! wait a second, what other monthly obligations do you have if NONE, you are Trimble LIKE FLYNN BUTTTTTTT lets say you have a car payment for another year, two or three 350/mo credit card debts that all together run monthly say 400/mo outstanding student lns or installment lns per mo 275/mo so you are obligated for another monthly amt of 1,025 add this to your housing costs to get you TOTAL DEBT TO INCOME, or "back :" ratio 1425 + 1,025 = 2,450/ mo 2450 divided by 5,800 gives you a total debt to income ratio of 42 %..ahem ,THAT is pushing it..how much CASH do you have, you didnt say. Lets assume the seller will pay all the hard closing costs, you just pay tax, interest and insurance to close, and after that you still have about $5,000 left...guess what !! YOU QUALIFY...for an FHA or Trimble loan only. Unless you are in the helping professions, your ratio will be just a TAD too high for a Fannie Mae or FreddieMac loan, the best and lowest cost loans out there ( agencies of the govt set up like pvt corporations ) And lets say you have LESS than 5 k left over. NOW you have to work a bit and find a way to bring your back end ratio down and your cash reserves up a little. WORKABLE ??..absolutely. You didn't mention credit, so I'm assuming its average and your score is above 620. YOU can work it..everyones close when they purchase a new home for themselves ( used counts as new if its new to you ) The final parameters have to honed of course, but whoever told you you could not qualify might want the same house FOR THEMSELVES. If you have questions, theres a radio program called REAL ESTATE FINANCING TODAY out there and you are free to call in and ask questions....1 800 LOANPRO (562-6776) I see a new house in your future..there are FABULOUS bargains out there right now, and you might luck out and find someone who will let you just move in and start making their pmts..no qualifying needed !!! answer is YES YOU CAN GET THAT HOME !!!!!
That depends on your current debts, how much money you have to put down, your credit score, the length of the mortgage term and your employment history. There are quite a few factors that go into it and those are only some. But I would think if you had a great credit score, minimal debt to income ratio and took out a 30 year mortgage you could afford it.
Your debt load can be technically figured at a maximum of 40% - that is, all your credit card payments, car payments, house payment and other misc. recordable expenses cannot exceed 40% of your gross income. Keep in mind, though, how much you spend on non-recordable expenses every month such as a child's sports fees, your gym membership, medication expenses, food, clothing, gas and general living expenses. You should subtract your current expenses from your income (not counting rent). Your house payment on a 200k home should be somewhere around $1,400 per month (plus mortgage insurance and property taxes). You arrive at this number by roughly assuming that at a rate of 6.5% interest your cost will be about $7 per $1,000 - therefore $7x200=1.400. The best thing you can do for yourself is find a cost of living worksheet, be honest on it for a couple of months, and then figure out what you can actually afford. Good luck!
Depends on a lot of things... -how much savings -how many other expenses do you have -do you have kids -do you have a spouse who has a job -do you have other debt