Do I qualify for a mortgage.. Low income

[nada9188]

Hi all!

Really starting to get the itch to purchase a first house. I will try to answer all the questions.. Let me know what you think!

1. Credit.  According to an AMEX EX FICO pull back in 11/11, it is at 761. Not much has changed since this time. I have no negatives what so ever on my report. I have never had a mortgage loan before, 

1. Income.  31K base salary +  up to 10K additional (Bonus) 
2. Source of income.  Employment
3. Monthly debt payments.  18K auto loan= Monthly payment of $352. Any credit card debt would be irrelevant as I PIF each month. 
4. Employment Here is a toughy.. I just started a new job last month. That being said, I have not been unemployed at all in the past 2 years. I know my income is low, however I am quite motivated to move up quickly and increase my wages. 
5. Assets/Reserves.  16K in savings. 
6. Location.  Phoenix, AZ
7. Property.  Single family house
8. Value.  I don't know what the value is I should be looking at. If I would qualify for approx how much? I plan to purchase a house and have roommates paying their share. 
9. Occupancy.  Primary residence
10. Transaction Type.  Purchase

Please do not be afraid to burst my bubble here. In my opinion, I think that this income amount is too low for a mortgage, but I really do not have much experience on this side of credit. 

If there is anything I can clarify please let me know!

One thing that I would like to add. My total CL is 10,400. Of course I will be going to request a 3X CLI in August on my Amex card, which could double that number if granted. 

[iamrayl]

I cannot comment as to whether you would be approved or not based on the income you stated however I would recommend that you establish some stable job history with your new employer as this is very important during the mortgage approval process.  I also would not recommend you purchase a home with the mindset that you will have roommates, if you can't afford it without rooommates then you should resist the 'itch' and wait.  My two cents.

[rckstrscott]

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@nada9188 wrote:

Hi all!

Really starting to get the itch to purchase a first house. I will try to answer all the questions.. Let me know what you think!

1. Credit.  According to an AMEX EX FICO pull back in 11/11, it is at 761. Not much has changed since this time. I have no negatives what so ever on my report. I have never had a mortgage loan before, 

1. Income.  31K base salary +  up to 10K additional (Bonus) 
2. Source of income.  Employment
3. Monthly debt payments.  18K auto loan= Monthly payment of $352. Any credit card debt would be irrelevant as I PIF each month. 
4. Employment Here is a toughy.. I just started a new job last month. That being said, I have not been unemployed at all in the past 2 years. I know my income is low, however I am quite motivated to move up quickly and increase my wages. 
5. Assets/Reserves.  16K in savings. 
6. Location.  Phoenix, AZ
7. Property.  Single family house
8. Value.  I don't know what the value is I should be looking at. If I would qualify for approx how much? I plan to purchase a house and have roommates paying their share. 
9. Occupancy.  Primary residence
10. Transaction Type.  Purchase

Please do not be afraid to burst my bubble here. In my opinion, I think that this income amount is too low for a mortgage, but I really do not have much experience on this side of credit. 

If there is anything I can clarify please let me know!

One thing that I would like to add. My total CL is 10,400. Of course I will be going to request a 3X CLI in August on my Amex card, which could double that number if granted. 

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Do you have student loans?

I don't think the income is too low for a low priced home. But the employment is going to be an issue, unless you are in an exact same field of work. Employment history with current employer is such a big deal these days.

What kind of bonuses?

[marty56]

I also agree to forget the roommates.  Beyond the cost of the mortgage, don't forget to factor in repairs, power, appliances and furniture.

 Qualifying for a mortage vs. being really able to afford it are two different animals. 

[boomhower]

The income is fine as long as you buy in the right price range.  Mine isn't that much higher than yours(~$35k two year average on my app) and bought my first home a few months ago at $58k.  As mentioned we need to know more about the employment sutuation as they is crucial.  I'll also echo that if you can't afford it without roommates you can't afford it at all.