Home Buying in Clinton>Question Details

Patricia Sno…, Home Buyer in Clinton, TN

i am on permanent disability..my credit isnot well, i want to buy a 25000 home..can i qualify for a fha or other loan..income 1400 month..

Asked by Patricia Snoderly, Clinton, TN Sun Aug 29, 2010

debts are med bills, and a few from many yrs ago...

Help the community by answering this question:

Answers

2
Anna Brocco’s answer
Much will depend on your debt amount, overall finances, money down, credit score, etc.--visit with any qualified loan officer(s) first, see if you do qualify and how much--keep in mind that lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Mon Aug 30, 2010
Honestly, this purchase may not be possible from the information you listed.

Your best bet would be to sit down with a lender and go over all your financial inquiries. They would be able to assess your finances better with more information. Your area may also have some low-income programs available.

Best of luck!
Web Reference: http://www.weberhomes.info
0 votes Thank Flag Link Sun Aug 29, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer