Home Buying in 28405>Question Details

Nc28402, Home Buyer in 28405

can i buy a home ($60,000) with a income $8,000 yearly?

Asked by Nc28402, 28405 Fri Apr 22, 2011

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6
Well that's a tough one! I'm thinking it would be difficult to get a loan with that annual income, but let me point you in a few directions. If you are in Wilmington, there are three options you might consider. One is the City Of Wilmington's Home Ownership Pool (HOP). HOP is a mortgage program that targets low to moderate income buyers. The city partners with local banks to offer affordable, low interest loans. TAnother thing I am thinking about is HUD's Section 8 mortgage program. There is a waiting list for that one, but it may be a great choice for you. Last time I checked they had a great program for helping you save money, educate you about the home buying process, and then help you obtain a mortgage. That one is really a long term project though. I think it takes more than a year to get through their processes. And last, there is a USDA mortgage program that may work for you if you are open to buying something in a rural area.


Feel free to contact me if you'd like more information on any of these. It may be that none of them work out, but just maybe one of them will work!

Erin Gora
Broker
(910) 231-4540
egora@intracoastalrealty.com
1 vote Thank Flag Link Fri Apr 22, 2011
This is really a very big, "It depends." It's hard to imagine that you would be able to get payments low enough, but that doesn't mean it can't be done. Still, I would consider it a stretch. The key is to get you into a place that you can afford to live in so that you don't end up losing it later on. Your biggest concerns may be: having the money to move, having enough for a downpayment, pay for utility hookups, buy groceries for the first couple of months, and pay for your closing costs (inspections, etc), and of course, you will need an impeccable credit score.

The HOP program is an excellent resource for our community and I can give you a lot of details on this. Section 8 will allow you to use your Section 8 stippend toward a mortgage for 15 years *if* you are already recieving Section 8, but I think there is a waiting list to get on the Section 8 (rental) list. There are other programs available, and I do know a couple of Mortgage Bankers who are willing to do "unconventional" loans.

Regardless, you may have more to overcome than you realize. I used to make about that much and always felt like home ownership was a pipedream. Now that I am a REALTOR®, i know that there ways to make things happen for people. If you have been getting all your ducks in a row, or you have resources (your church, family, friends, or even disability income) that you can access, you can make this happen. Let me know if you want to give it a try. I'll be in your corner.
Good luck,
El

Your REALTOR®
Wilkinson & Associates
910.264.6515
Web Reference: http://realtor.elbrant.net
0 votes Thank Flag Link Sat Apr 23, 2011
If you need to finance the majority of the purchase price it will be very difficult to qualify for loan in the neighborhood of $60,000 on an annual income of $8,000 particularly so if this is your gross income vs. net take home pay and if you have any other monthly debt payments such as credit cards or a car loan. There are many good lenders here in the Wilmington area that would be able to answer this question for you. If you need to contact one please let me know. I wish you all the best in your home search. Have a great day and a wonderful Easter!
0 votes Thank Flag Link Fri Apr 22, 2011
Nc,

Your annual income is only a portion of the picture necessary to be able to make this determination. As mentioned, it would be best to speak with a loan specialist. They would be able to advise you.

Good luck,

Bill
0 votes Thank Flag Link Fri Apr 22, 2011
I am not a Lender but from your brief description the only way it seems you could buy this home is a cash deal unless you have a large amount of other assets
0 votes Thank Flag Link Fri Apr 22, 2011
You need to speak with a lender
0 votes Thank Flag Link Fri Apr 22, 2011
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