Home Buying in 55403>Question Details

Matthew Maxw…, Home Buyer in 78666

can i get a loan with low income?

Asked by Matthew Maxwell, 78666 Tue May 26, 2009

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Answers

7
Check with my loan officer and get it from the horses mouth! haha

Here is some contact info for who I recommend:

Bill Boldenow | Sr. Mortgage Consultant

NMLS 31974

Gradient Home Mortgage, LLC

TF 888.556.5366 | C 612.387.4745

bboldenow@gradienthm.com | http://www.gradienthm.com | http://www.yourmnhomeloan.com to apply online

4105 Lexington Avenue N, Ste 330 | Arden Hills, MN 5512

I would be happy to help you anytime.

Thank you.
0 votes Thank Flag Link Wed Oct 1, 2014
Yes, most likely you can get a loan with low income as long as you have a good credit rating. I work with a lender at Wells Fargo that can explore financing with you and determine what you qualify to purchase. If you want more information please contact me and I will connect with a lender.
0 votes Thank Flag Link Tue Sep 30, 2014
Leslie,

All of your comments on Trulia are basically the same... the Q&A section is meant for submitting questions and getting answers, not just solicitation. You're contributions would be more appreciated if you tried to help answer the question.
0 votes Thank Flag Link Wed May 27, 2009
Matthew-

Try http://www.peterboylehomeloans.com Peter Boyle has 18 years in the business and a lot of expereince with affordable housing finance, If you're looking to buy, but can't get financing, you may want to think about a contract-for-deed. See http://www.bobelliotmnrealestate.com. Two very experienced professionals.

Best of luck.
0 votes Thank Flag Link Wed May 27, 2009
Hey, Matthew!
I think you should talk with a loan officer. There's a kind of triangle of necessities to get a loan 1.Downpayment money 2.Good credit scores (at least in the 600s) 3.Good income. If you have the first 2, your income will dictate the amount you can spend on a property. Be aware, buying houses that are VERY low priced (meaning under $75,000) may present problems in securing a mortgage at all. Many lenders do not want to do loans that low as it's not worth their while.
Good luck!
0 votes Thank Flag Link Wed May 27, 2009
It depends on how low your income is. you need a 620 credit score plus a 3.5% dpwn payment for an FHA. all others require 10% down plus a 720 credit score. you need a 2 yr. work history plus an acceptable debt to income ratio/ do you have sufficient income to meet the monthy note plus taxes,insurance & maintenance?If the roof or furnace needs to be replaced 6 mos. down the road can you cover this?Home ownership is not for everyone. it may not be in your best interests.
0 votes Thank Flag Link Tue May 26, 2009
The short answer is it depends. Working with a loan officer to discuss your ability to purchase, your comfort level with payments, and your credit score will provide you the best answer.
0 votes Thank Flag Link Tue May 26, 2009
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