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Want a home.
My husband and I are currently living with roomates. We live in a small town and it is really hardt to find a place to rent on our own. Most the apartments here are low income and we obviously can't get into that when my husband works at a mine and makes 3000.00/month or more.
We are interested in trying to buy a home. We have 2 car payments that add up to 800.00/month w car insurance, and we have a minimum payment for a credit card that is 50.00. Also a 80.00/month college bill. The house we are interested in is listed at 125,000.00. We haven't went to see the inside but looked at the outside and through the windows. Its obvious it will need some work. It is 1650 sq feet has 3 bedrooms and 2 bathrooms. And on the other side of the yard there is a little apartment that we can rent out that is about 600 sq feet. Has a bathroom, bedroom, living and kitchen. The yard has a lot of pontential, But the garage needs lots of work, You can tell it needs new carpet, and windows and doors are really rundown. We want our own place, and are willing to buy a fixer upper. When we meet with a agent, should we ask to lower the price, or is there a way we can get a small loan to fix it up? Also I have done affordability calculators and when I put in our monthly income and debts it says we can only aford 30,000.00... that has to be wrong. We want this home because its has great potential and we have close family friends that would love to rent out the apartment and that would help with our monthly mortgage.. . How much should we rent ot out for. |
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Why can't it be right? If your base income right now is 3000/mo and you have 930/month in bills, that leaves your current Debt to Income ratio at 31%. VHA standards put anything over 41% (AFTER including your housing payment) into a special category of consideration (in this market that translates into no mortgage issued) There is very likely not much chance of getting a mortgage. You can try, but I wouldn't spend much money on the process. |
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The question is whether you have enough for a down payment. I would go to some lenders and see if you can get prequalified for a mortgage. This will tell you how much you can afford. If the house is in the condtion you say, its possible the owner may sell it on a Sales contract. |
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