No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I am looking at getting and forecloser home, that someone left off paying, I am wondering could I afford a mortgage? I have a truck payment of $245 a month and some credit card debt of around a $1000. My income is $22,078 a year and I gross $1696 a month.
It will be sometime next year before I try to get a mortgage, I would like to pay off my credit card debt first.
Can you buy a home where you live with a $500/month payment (including taxes and insurance)? That is about what the underwriting standards would allow. You would improve your ratios if you could refinance that car loan into a longer term loan to lower the payment. If you can pay off the $1000, that would be good, too, but they are only going to calculate your payment on that at like $30/month, so the car payment is hitting you hard on your income -- it is more than 10% of your gross income.
It looks like you would probably need to find a mortgage of about $80,000 or less (payment is $393.55 @ 4.25% for 30 years). Assume taxes at about $100/month (depending on your state) and maybe $50 for insurance?
Also, PMI would have to come out of that $500 payment if you need PMI.
In Seattle, $80,000 wouldn't even cover a down payment.
Around here in Montgomery,AL you can get a new 3 bedroom 2 bath house around $100,000 grand. I just got the truck loan in September.
APPROVING BANK: Avadian Credit Union
BUREAU PULLED: All three I think
CREDIT SCORE: 712
New/Used: Used
YEAR OF VEHICLE: 2008
MAKE: Chevrolet
MODEL: SILVERADO 1500 LT WORK TRUCK
MILEAGE: 68,000
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $13,309.80
TERM CONTRACTED:72 MO
APR/LEASE RATE: 3.5
MONTHLY PAYMENT: $245.13
ANNUAL INCOME: 22,078
DEBT TO INCOME RATIO: Low
@CJIII29 wrote:I am looking at getting and forecloser home, that someone left off paying, I am wondering could I afford a mortgage? I have a truck payment of $245 a month and some credit card debt of around a $1000. My income is $22,078 a year and I gross $1696 a month. There is a bank who's mortgage department is located in Home near Birmingham. With your income they can possibly help you and pay up to $4500 of your closing cost.
There is a bank who's mortgage department is located in Home near Birmingham. With your income they can possibly help you and pay up to $4500 of your closing cost. I sent the link to your inbox.
Ok thanks!