Home Buying in 11416>Question Details

Betty, Other/Just Looking in 11416

Can two people with gross income of appox. $30,000 own a home with all the costs involved.

Asked by Betty, 11416 Tue Jan 11, 2011

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Allen Bauman’s answer
A valid answer to your question is not possible because you have not provided enough information.
You need to do much more research to find an answer. Start with a mortgage professional who will determine how much of a mortgage you can afford. They should also be able to give you other options based on the information you provide. Your zip code indicates you are in Queens. If you are looking in Queens you may be able to find a small condo/coop which would be a good starter home. You will have to be very flexible on which neighborhoods have homes in your price range.
Also consider FHA or SONYMA mortgage programs. Also inquire about low income programs which offer grants or subsidies for your down payment.
Ask around for a reputable mortgage professional and have a face to face with him/her. Income is not the only factor involved in determining your qualifications. Good Luck! If I can help just contact me.
Allen Bauman
Century21 Yve R.E.
Licensed R.E. Agent
NYS Certified Residential Appraiser
0 votes Thank Flag Link Wed Jan 12, 2011
It depends on what area of town and etc. Apply for mortgage determine what you can afford which governs how a Realtor can assist you with your search

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Jan 11, 2011
It's always possible to own a home with that income or even no income. It all depends on your idea of a home. For example, if you don't need to pay a mortgage and already own a home outright, you just need enough cash to cover the monthly maintenance and utilities. Or, if you're looking at a motorhome or something comparable, it is possible to buy one with all cash with that income. But, if you're looking at a single family home priced at the national average, you'll need to talk to a lender and see if you can squeeze by based on what you've set aside for the down payment.

Good luck.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Jan 11, 2011
If your question is regarding financing--there are other factors that determine a loan qualification, such as current debt, credit, amount down, etc.; therefore consider visiting with any qualified loan officer, after reviewing your overall financials a determination on qualification can be made--also to consider are everyday expenses; what lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Tue Jan 11, 2011
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