Home Buying in 54494>Question Details

Disciple017, Other/Just Looking in Mississippi State, MS

My credit score is 716 with close to maxed cards. I just got job can I buy a house that is under a 100,000. I will be making 50,000

Asked by Disciple017, Mississippi State, MS Sun Aug 21, 2011

Also my wife is currently working and she will get job their. I will also attend school part time and receive housing pay from post 9/11. Is their a way to get qualified for a loan for around 65,000 or less with no more than 3,500 down? I will be earning 50,000 a year and she will at the least earn about 15,000

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Well the good news is that there are several nice homes with in your price range! The local banks here in town (Wisconsin Rapids) that seem to go the extra mile to make the dream of owning your own home possible. I am happy to give recommendations. Just Ask!
1 vote Thank Flag Link Mon Aug 22, 2011
First of all; thanks for serving!
I was in during Nam, and no one said that to us when he came home.

You didn't mention whether you were trying to get a VA loan:
The local VA office is the best source for info; they really care and will help you.
If you will have to wait for a while, they will tell you.
Go ahead and apply for your letter of eligibity at any rate.

Good luck and may God bless
1 vote Thank Flag Link Sun Aug 21, 2011
From the income numbers, sales price, and down payment amount, it seems possible... but there are some questions that'll need to be answered for any loan officer to be able to determine if it can actually happen, a few of the bigger ones are:

1. You said you "just got a job", so how long has it been since your prior employment? If it's been a considerable period of time, which is often defined as 3 or more months, then lenders will often want you to be back on the job for 6 months before your new employment & income will be able to qualify. If you were in school and recently graduated, and your new job is related to what you were studying, that can substitute for previous employment history.
2. If your post-9/11 income will continue for the first 3 years of the mortgage, and you have been consistently receiving it (meaning it's reliable), then that income sounds like it could help qualify. More details about it, including the terms of the income, would need to be known.
3. If your wife is currently working, and will be leaving that job to get a new job, then before her new job & it's income can qualify, lenders will often want to see at least 1 paystub and even up to a paystub showing she's received 30 days of pay (so you have to wait to close on your home until that requirement is met)... that goes for your new employment and it's income too.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
1 vote Thank Flag Link Sun Aug 21, 2011
You should speak with a loan officer in your area to get answers specific to your situation. Your debt to income will also determine where you stand. The lender will also look at your income over last two years, see if you have any judgements, bankruptcies or foreclosures.

There may also be downpayment assistance programs in your area. Good luck!

Millie C Lumpkin, SFR
1 vote Thank Flag Link Sun Aug 21, 2011
Find a Loan Officer with a reputable lender and discuss your situation with him or her. You'll be able to find out exactly where you stand and in the case you can't do anything at this present time, what you need to do to reach your goal. Every case is different and everything depends on the factors of your particulars.
1 vote Thank Flag Link Sun Aug 21, 2011
This is really questions for mortgage broker. They can better assist you on what you can afford on a mortgage long with getting one.... best I can tell you is to pay down your debits as much as you can before you go in as they look at your outstanding debits (debit/income rations) and it takes down the amount of what you can buy. The less your debit the better chance of more money from the bank, along with a better risk.
0 votes Thank Flag Link Mon May 26, 2014
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