Home Buying in Woodbury>Question Details

Merdis E Hill, Home Buyer in Deptford, NJ

I'm retired, I have a 763 credit score, a very small down payment, and a 38,000 retirement income. Will I be able to buy a decent home?

Asked by Merdis E Hill, Deptford, NJ Tue Jul 16, 2013

Help the community by answering this question:


Marc, I don't know what world you live in where a $38,000 income is poverty. I know it's not a lot, but I am looking to buy a house now on the recommendation of my financial planner. And on this income I currently live in a beautiful 1350 square foot apartment where the rent is $1435. a month, I've been living here for 6 years and I've never been late on my rent, and I drive a 2013 Volkswagen Passat SEL Premium, and still have enough money to pay my bills on time every month. As I mentioned before, my credit score is 763. Everyone's situation is different. I'm smart enough to not be swimming in debt, I'm single and I have no one to support but myself, I'm very very healthy - not on any drugs at all, and I'm well insured in case those circumstances change, so $38,000 goes a long way for me. My financial planner told me that buying a house would actually SAVE me money. Oh and by the way, I'm not a guy!
You're and idiot and you need to grow up!
1 vote Thank Flag Link Wed Jul 17, 2013
Your financial planner is wrong. But in any case, you came on here looking for people to agree with you, and when you don't get it, you throw a tantrum. You are the one who needs to grow up, but it's a little late for that. In any case, a $38,000 fixed income is basically poverty level and you should not be buying a home. I might allow for a tiny condo somewhere that won't require any maintenance. Maybe. But for an older woman? No way. And health is fleeting. One day you are healthy, but if you are 60 plus, it all could turn on a dime, and often does. If you are going to force the issue and want lots of stress, go ahead and buy a house on a $38,000 income.

Now if you have kids to fall back on who can bail you out, then I might entertain it. But if you are alone, 60 plus, and are on a $38,000 fixed income, you should not be buying a house. It's just stupid.
Flag Wed Jul 17, 2013
yes yes yes

It may take a little time to look... There are lots of homes in your price range

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1 vote Thank Flag Link Tue Jul 16, 2013
It depends on where you want to live. You may want to look into a Manufactured Home.
0 votes Thank Flag Link Thu Oct 2, 2014
Your credit score is good, but your income and limited down payment could affect your home search. If you happen to be a veteran you may qualify for a VA Loan which does not require a down payment. If not, a 3.5% down payment would allow FHA Loan eligibility; a conventional mortgage would require a 5% down payment, so you know.

We need to discuss the estimated property tax for the area you're looking in, along with any monthly debts/liabilities (credit cards, loans, etc.) that you may have. Once I know these missing pieces of information I will be able to pinpoint the loan amount you qualify for and issue your Pre-Approval. Please keep in mind that if you have a family member who's willing to co-sign we'd be able to use their income as well for qualification purposes, but it may not be necessary.

If you have any questions, or would like to set up a time for us to speak, please don't hesitate contacting me at your earliest convenience. I may be reached via phone or email, whichever is easiest.

Kind regards,

Paul Marzolla
Vice President
(201) 957-6768

Licensed by The New Jersey Department of Banking
Member of NAMB - The Association of Mortgage Professionals
Member of New Jersey Real Estate Investors Association
Web Reference: http://www.PaulMarzolla.com
0 votes Thank Flag Link Wed Oct 1, 2014
Marc, you're arrogant! I'd hate to be your kid(s), also. Why would you discourage someone from buying a small home when you have no clue what their investments amount to? You are assuming that because Merdis has a small down payment and has a DEFINITIVE, GUARANTEED income of 1400.00+ per month, that she doesn't have a job that brings in additional funds. You are assuming a lot and you can't stand that your OPINION wasn't well received. She's got a financial adviser whom you ripped apart without all the facts, and she had a mortgage broker tell her that she'd be eligible. You do not know her debt (or lack thereof), any other disposable income or if she plans on having a roommate, what she's got in other assets, etc. As Merdis said, you need to grow up. Merdis, I wish you luck! :)
0 votes Thank Flag Link Tue Sep 30, 2014
Thanks to the rest of you who answered my question. I have owned two homes in the past when I was married, so I'm aware of the costs associated with upkeep and repairs. I guess what I was really hoping to find out is with my current income, credit score and low down payment, would I qualify to purchase a small house in a safe neighborhood that's in move in condition. I know I can't possibly afford a big fancy home in a prestigious community, and I can't afford to move into a fixer-upper that will require shelling out thousands of dollars just to make it livable. I also know that I won't live anywhere that isn't safe and peaceful. Before I would do that, I'd stay where I am.

Joseph, I have noted your information, and should I decide to go forward I will certainly contact you for assistance and counsel. Thanks again everyone.
0 votes Thank Flag Link Wed Jul 17, 2013
You know, it's really amazing. If he said $28,000, or $18,000, would we still have "professionals" recommending a home purchase? $38,000 is basically poverty level in this state. Buying a home is only the beginning of the problem. Homes cost money to maintain and then there are capital items like roof, siding, windows, heating systems, septics. Buying a home with a $38,000 income is basically financial suicide.

If I were this guy, I'd be looking to rent. And it would be a tiny 1 bedroom somewhere that would leave me enough disposable income to take care of the myriad of other expenses that go with being an older citizen on a fixed income.

One thing goes wrong and this guy is going to be in foreclosure. Yet: "Hey! It's a great time to buy! Sure! No problem! Lots of affordable homes! And we'll give you a great rate on your death certificate, I mean mortgage."
0 votes Thank Flag Link Wed Jul 17, 2013
I agree with Larry on the first answer here. Homes in South jersey are more affordable, with lower taxes than in north jersey. You do have to prepare for potential maintenance down the road, but your income can be reasonable to purchase. We just need to determine a comfortable sales price and monthly payment. Best of luck. Feel free to contact me.

Joseph S. Cordova
> Trusted Mortgage Advisor
> Partner
> NMLS 146855
> Evesham Mortgage, LLC
> 65 East Route 70, Plaza 70
> Marlton, NJ 08053
> 856-985-9944 ext. 103 Tel
> 856-304-2381 Cell
> 206-333-0946 Fax
> jcordova@eveshammortgage.com
> http://www.joecordova.com
0 votes Thank Flag Link Wed Jul 17, 2013
That would depend on your other debt ( car payments, credit cards etc.). Best to talk to a mortgage rep or your bank for a mortgage pre-qualification before you start looking.
0 votes Thank Flag Link Wed Jul 17, 2013
No. $38,000 is well below what you need to own a home. Forget buying it. How about maintaining it, replacing the roof, paying the utilities, taxes, not to mention eating food and paying for transportation? Buying a house on such a small income would not be rational.
0 votes Thank Flag Link Tue Jul 16, 2013
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