can a single mother (1kid) making 24,000 annually buy this house?

Asked by Vallepeterc, Tukwila, WA Tue Oct 19, 2010

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6
Tim Tilbury, Agent, Seattle, WA
Wed Oct 20, 2010
Claudia

There are options! I would suggest down payment assistance from HomeSight. You may qualify for $60k-$120k depending on some specific details. This does not need to be repaid until you sell! Also the Pontesera condos in Seattle (a HomeSight development) has HOA dues waived for 6 months AND property tax exemptions for 7 years, this maximizes your purchase power.

It's a brand new building, so no maintenance is required to move in.

Best of luck!
Web Reference:  http://PontederaCondos.com
1 vote
Tonya Brobeck, , Everett, WA
Tue Oct 19, 2010
Great question & good answers, I agree with Dan totally
1 vote
Dan Tabit, Agent, Issaquah, WA
Tue Oct 19, 2010
Claudia,
Nothing you indicate would prevent you from buying, but your income will limit your options. With a monthly income of $2000 per month, you'll need to find a home where after your downpayment, your monthly payment will be around $900. This will allow you to finance around $150k, while still leaving some room for taxes and insurance. For a condo, you'll need to allow room for the Home Owners Dues.
The difficulty here is that unless you anticipate some increase in your income, when your new home needs maintenance or repairs, you'll be financially stressed.
So, yes you can potentially buy a home, but in this area your options will be few and your budget will be tight. Let me know if I can help.
1 vote
Jirius Isaac, Agent, Kenmore, WA
Tue Oct 19, 2010
Claudia,
You have lots of good answers below. Bottom line is, if you want to buy a house, you need to speak to a loan officer & a real estate agent & see if you can put something together. Call me if you want to consult. I am in real estate & loans as well.
0 votes
Jean Bradford, Agent, Silverdale, WA
Tue Oct 19, 2010
Hi, Claudia,

Make an appointment with a loan officer ASAP and get pre-approved! All your quesions will be
answered, including this one! Many single women with children buy homes, so just think
positive and go for it!

Good Luck
Jean Bradford, ABR, GRI,CRS,CRB
Managing Broker Associate
John L. Scott RE
Silverdale, WA
0 votes
Don Tepper, Agent, Burke, VA
Tue Oct 19, 2010
Which house is it?

And what's your credit score?

And what other debts do you have?

After you identify the specific house, check with a loan officer or mortgage broker.

Hope that helps.
0 votes
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