How can I afford a home with low income?

Asked by Tbodley, Bessemer, AL Wed May 1, 2013

I only make $1400 a month. I am stuck with student loan debts, vehicle payments plus insurance, gas money, and grocery items. Whatever I have left out of those debts I hold on to for two weeks. The $700 every two weeks is used to pay all those debts and still have some left over. Once I pay all those debts and I have a little bit left over to last another two weeks I have money saved up for a down payment, but down payment is all I have to get a home. I don't have enough money to make monthly house payments, pay utilities, pay car note and insurance, pay student loans, gas, grocery, etc. I want to move out on my own, but I don't see how I can afford it. I can't even find a better job to cover all those expenses. I need my own place and don't know what else to do with me being in this bad situation.

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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Thu May 2, 2013
It doesnt sound like you are in any position to purchase a home at this time. Since money is a major factor, you may want to consider looking for a higher paying job or getting a part time 2nd job. That should help you be able to save more money or a couple of years. Otherwise, you are going to be in the same position years from now.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Getting a higher paying job or second job is what I am struggling with right now. I have been doing that for the longest with no luck and I am still looking with no luck.
Flag Thu May 2, 2013
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