Most landlords will require that your income is 2.5 times the rent. With your income, you are looking at rent of around the 400.00 amount. You might want to consider a section 8 housing area. You pay half and the govt would pay half.
The maximum you can borrow would be 100% of the purchase price. If he appraisal is higher then the purchase price you can still only borrow up to 100% of the purchase price.
In some areas of NY 100% financing is not available. If your in one of those areas the maximum you can borrow would be 96.5% of the purchase price.
One thing you are allowed to do in most programs is invlude up to a 6% sellers concession to use towards closing costs. So if you were buying the home for $160,000, you could make the sales price $170,000 with you getting $10,000 back to use for closing costs.
There are a lot of different options.
I mainly cover NY but can lend nationwide.
I'm avialable almost 24/7.
If you would like help with this you are welcome to contact me.... more
My husband bought a home through v a 5 years ago and we been married only two. Well we are getting a divorce. My husband want to move out of are, and let me keep the house. I'm not working and sick with lyme disease. He said he will make payments until I get disability. Can we do this... more
Yes, all liens and mortgages would need to be satisfied before clear title can be conveyed.
This includes any back or delinquent taxes. A quick way to expedite a search prior to putting up earnest money would be an online lien and title search.
Suggestion: U.S. Title records Link: https://www.ustitlerecords.com... more