Home Buying in 53916>Question Details

dat0119, Home Buyer in Beaver Dam, WI

is a 50,000 dollar loan reasonable for a 21 year old male with a family of three?

Asked by dat0119, Beaver Dam, WI Wed Jan 15, 2014

Help the community by answering this question:


I'm assuming the loan is for a home. If you mean "reasonable" in terms of payments, risk, debt, etc. that can only be weighed by you. How strong is your ability to pay it back? Is your employment secure? What is your debt to income ratio? What are the terms of the loan? Is the property itself a good investment? Can you afford the overhead of the property...taxes, maintenance, utilities, insurance. Do you anticipate needing to move any time soon? If so, and you need to sell the property to make that transition, how difficult will it be to liquidate and will you lose money in that process? All of these are questions only you can answer, but hopefully they'll help you make that decision. Good luck!
0 votes Thank Flag Link Wed Jan 15, 2014
well my credit is low score i dont have longevity in the workplace,but i have been anking with my bank for over five years and theres been steady income throughout all of the years. i have 7 counts against me totaling roughly 3 grand. im hoping i cant get this loan so i can build my credit and stop paying the same price for home as i do an apartment
Flag Sat Jan 25, 2014
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