Home Buying in Philadelphia>Question Details

jillm, Home Buyer in Bensalem, PA

Is it possible to buy a house without a lot of income?

Asked by jillm, Bensalem, PA Mon Jan 21, 2013

I just dont think i can do it on my own. I make only 16000 a year and my credit score is getting higher every month. It went from I believe it is now a 680. Is it possible to get a mortgage with the amount of money i make? plus i have $6000 to put down.

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3
Joshua Stein’s answer
The best answer is: maybe.

A mortgage lender is best to talk to to review your particular situation. Based on your income, you would need to keep your monthly payment somewhere in the neighborhood of $300-$400 per month. That, sadly, does not buy you a lot of house.

Your credit is solid, so if you had a co-signer to the loan to increase your purchasing power, you may be in good shape.

Warmest regards,

Joshua Stein, REALTOR®
Coldwell Banker Preferred – Conshohocken

Office:(610) 828-9558 * Cell:(215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
Email: jstein@cbpref.com
Web: http://www.joshuasteinhomes.com

PA License #RS317975
0 votes Thank Flag Link Tue Jan 22, 2013
hello Jill,
feel free to give me a call tomorrow morning! I have help people on social security, disability, etc with limited income purchase homes. Please give me a call so we can discuss your particular situation.

Keith Chennault Smith
Realty Mark Cityscape
1515 Market st Suite 705
philadelphia PA 19102
215- 583-7777 ext 19
215-531-0481- cell
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Jill,

The best person to ask about that would be either your bank or a mortgage broker. They will be able to give you a good idea of what you can afford based on your income, the amount of money you're putting down and your credit. If you would like to be happy to recommend some mortgage brokers and banks that I have worked with in the past that might be able to help you.

Regards,

Ian Perler
Star Real Estate Group
Licensed real estate sales person
Ian@StarRealEstateGroup.net
(203) 670-3803
0 votes Thank Flag Link Mon Jan 21, 2013
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