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Low income and Mortgage qualification

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Anonymous
Not applicable

Low income and Mortgage qualification

I know I've got the credit for it; last year, with an income of just around 40k, I was able to qualify for a 100k mortgage, and have since raised my score. Job layoffs suck. 

 

So, assuming I save up the appropriate down payment, what are my odds of getting a mortgage (I know it will be less... fortunately, home prices here aren't that bad.) 

 

The problem is, my current income is half what it was... I'm hovering at a bit over 21k. I can definitely take on a part time job and increase that at least somewhat, but it'll be minimum wage at best... job market here sucks. I'm trying to find something. 

 

I know that there are low income programs. Do you guys have any advice? Is it pointless to even try? We're living in an unhealthy home... the place is literally falling down around our ears. 

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2 REPLIES 2
MBOhio2
Established Contributor

Re: Low income and Mortgage qualification

I am by no means a mortgage expret so I can't speak to actual qualifications, but what state do you live in? A lot of states have home buying assistance programs for low income persons. For example, here in Ohio, there are multiple different programs.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 2 of 3
Anonymous
Not applicable

Re: Low income and Mortgage qualification

The issue with part time employment is that you have to have two years history for it to count.

 

If you are making 1/2 of what you were, and your debts are about the same, figure that $100,000 prequal is now about $50,000.

 

FHA may be a god option for you. Without seeing your debts and more it is hard to say.

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