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Can I get a loan with low income?

My credit score is 710 and I make $23,00/yr. Is it possible for me to get a mortgage for $100,000? by deanageoge1726 from Knightstown, Indiana. May 23rd 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info is needed to answer your question.. First, qualifying debt to income ratio's are determined by looking at your minimum monthly payments against your monthly gross income.. without knowing your debt picture, it's impossible to tell.. Also, how much do you have to put down? Your maximum loan has to do with what you can afford based on your ratios, but your max sales price could be higher.. Example: you qualify for a $100,000 mortgage, but you have $200,000 to put down.. you can buy a $300,000 home.. Understand that your complete loan profile is analyzed when determine your eligibility.. so without looking at the complete loan profile, it's impossible to advise you.. For this reason, I suggest you contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 23rd 2017
Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

As a mortgage consultant who has experience with qualifying borrowers for down payment assistance programs when relevant, it seems to me your income would fall in the required category of being below the maximum allowable income for most down payment assistance programs. One of the programs we provide will assist individuals with above the maximum allowable incomes which is helpful in expensive areas where high rent consumes much of their savings. It seems to me though you most definitely fall into the qualifying income for most local and state down payment assistance programs provided by certain mortgage brokers/banks.Regardless, I highly encourage you to reach out to licensed mortgage brokers in your State and ask them if they are experienced at providing the assistance. If you have sufficient funds for a down payment and closing costs while still maintain sufficient reserves, there are excellent first time buyer loans at 3% down and lower rates than the standard conventional loan. Getting qualified with a mortgage broker in your State will let you know exactly what you can borrow towards a home, and you can always reach out to other mortgage brokers/bankers if you are not satisfied with the first who qualified you.

May 23rd 2017
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