If I make 50,000 a year and have less than 10,000 saved up to buy this house, what are my options?

Asked by Scott Kimble, Outside U.S. Sat Feb 15, 2014

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Bruce Lynn, Agent, Coppell, TX
Tue Feb 18, 2014
I think it depends on what you want to buy. There are a wide variety of houses in this area....from ones that are pretty beat up and need fixing, to ones that are more or less new.

So as others have mentioned, it's best to get preapproved first, then go shopping to see what your purchase price will buy you. As long as you don't have a lot of debt and you have employment I think you are on the right track.

You can check out homes in the area at this link:
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Robert Hanson, Mortgage Broker Or Lender, Olney, MD
Mon Feb 17, 2014
Hi Scott, The first step is pre-approval with an experienced lender. Make sure you work with someone that can lay out a variety of options for you along with the pros and cons of each. If I can be of assistance, feel free to contact me at your convenience. You can live chat with me at the link below and my full contact information tagline will also be posted as a reply to this comment. Regards, Robert Hanson: robertlh66@verizon.net
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I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929
Flag Mon Feb 17, 2014
Rick DeVoss, Agent, Ft Worth, TX
Mon Feb 17, 2014
Dear Scott ---

Here's the thing: If you are planning to move in the next three months, then you need to get together with a Realtor right now. ...There is homework that needs to be done. We have not even heard about your credit report yet, so there may be work needed to bring it up to par. ...Your signature line indicates that you are "outside the U.S." ...Are you in the military service? ...If you are planning to PCS back to the Fort Worth area soon, then we can start looking for the right house in the right location for you. ...Will you still be on active duty? ...I have retired from the Air Force, and made many moves myself, so I know what you are going through. ...Let me know how I might be able to help you. ...What questions do you have? ...Tell me what kind of a house you are looking for, and I'll send you some details on what is on the market today. ...We will then look at what is available in 3 months, if that is when you are arriving. ...Best wishes to you! ...Hope to meet you soon. ...Rick DeVoss ... ULTRA Real Estate Services ... 817-300-6121 ... WholeLife@Yahoo.com ... ...
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Scott Kimble, , Outside U.S.
Mon Feb 17, 2014
Thank you all so much!

I did not realize I hadn't added the property on here, but based off of your answers I believe I know the next steps I need to take.

I will keep all of you in contact since my move will be happening within the next 3 months tops.

Thank you all again,

Scott Kimble
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John Straub, Agent, Fort Worth, TX
Mon Feb 17, 2014
Hi Scott
The real answer is maybe.... Your income and the amount that you have saved do not exclude you from buying a home. That said, there is much, much more to qualifying to buy a home then income and savings. You need to speak with someone who can help you get the full picture of your situation. You can go directly to a REALTOR as Rick suggests below or go to a mortgage lender directly. I suspect that unless your situation is very cut and dry that REALTOR will get you together with a mortgage lender very quickly.

......Best of luck to you!.......
......John Straub......
......Keller Williams Realty.....
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Rick DeVoss, Agent, Ft Worth, TX
Sun Feb 16, 2014
Scott --- Good Morning! I would be pleased to help you with your search for the right house. ...Since you did not specify a location or an area, I will assume you are looking in the area in which your question was posted. ...Please contact me and let me know where you want to live and where you live now. Then I will be able to get you a list of houses you might want to consider. ......Contrary to what you may hear from others, I suggest you meet with an experienced Realtor first to discuss your personal financial situation, and your goals for the next few years. You will receive the Big Picture that way, and you can make sure you are ready for a loan application with a mortgage company. If you submit it too soon, they will just run your credit report which could lower your score if you are not ready to purchase a house immediately. ......Once we determine the type of loan you need, and the specifics of the house you are looking for, it will be easy for a knowledgeable Realtor to locate the right house for your family. .....The first thing I will do is help you determine if your credit report is ready to pass muster, or if we need to raise the score before you submit your application. (I used to work for a credit repair company.) ......You have enough cash for the down payment on a house, so I am not worried about that factor. ......We will take a look at your income to debt ratio, and then I can show you how much of a loan you will be able to get. This will determine the price range we will go shopping in. You will most likely be eligible for houses in the range of $100,000 to $125,000. ~There are some nice neighborhoods around here in that price range! ......So contact me directly and we'll get started on the road to home ownership, and saving money on your taxes. ...Rick DeVoss......ULTRA Real Estate Services......817-300-6121......WholeLife@Yahoo.com......*
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Dan Tabit, Agent, Issaquah, WA
Sat Feb 15, 2014
Hi Scott,
No home was attached, so we can't answer specifically about that home. Your first step to buy this, or any other home is to meet with a lender and get pre-approved for a loan. Your income and cash may be adequate, but it will depend upon your credit, other assets and the reliability of your income.
A lender can review your application and tell you what loan programs are available to fit your situation and get you off to a good start. Best of luck.
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