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loko123
Jun 18, 2012, 07:38 PM
It is possible to get a mortgage loan if making $11000 a year, if it is possible, please how do I go about it thanks

ballengerb1
Jun 18, 2012, 08:09 PM
Depends on how much you plan to borrow. How is your credit score?

loko123
Jun 19, 2012, 06:22 AM
My credit is good about 700

Curlyben
Jun 19, 2012, 06:27 AM
Realistically you will not be able to get a mortgage for property unless you have SERIOUS collateral to put up.

mmresd
Jun 20, 2012, 05:58 PM
It depends on how much money you are wanting to borrow.

loko123
Jun 21, 2012, 03:04 PM
I about $50000

ScottGem
Jun 21, 2012, 05:06 PM
How much is the home you are buying?

A $50K, 30yr mortgage at 4% would cost you $240 month. That is about 25% of your GROSS pay. So it doesn't leave much room. It might be doable, if you will have a lot of equity in the home. So talk to the loan officer at your bank.

ballengerb1
Jun 21, 2012, 05:35 PM
OK borrow 50K, so what is the house selling for and your down payment?