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    loko123's Avatar
    loko123 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jun 18, 2012, 07:38 PM
    First mortgage
    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's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Jun 18, 2012, 08:09 PM
    Depends on how much you plan to borrow. How is your credit score?
    loko123's Avatar
    loko123 Posts: 4, Reputation: 1
    New Member
    		  
    #3

    Jun 19, 2012, 06:22 AM
    My credit is good about 700
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    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's Avatar
    mmresd Posts: 2,002, Reputation: 553
    Ultra Member
    		  
    #5

    Jun 20, 2012, 05:58 PM
    It depends on how much money you are wanting to borrow.
    loko123's Avatar
    loko123 Posts: 4, Reputation: 1
    New Member
    		  
    #6

    Jun 21, 2012, 03:04 PM
    I about $50000
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #7

    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's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #8

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