can i get one?

[Anonymous]

I only make 25680$ a year i have good credit and no debit could i get a home loan? i know it wouldnt be much!

[ShanetheMortgageMan]

So far you sound good.  

What area are you buying in, and have you checked out what price range would accommodate your living requirements?  If not, you can check local home listings on a website like http://www.realtor.com/

How much do you have for a down payment?

[Anonymous]

I have 5000 for down payment so 10% for a 50000 home. i want a fha loan but im scared my income isnt enuff so i think they require only 3.5%

[Anonymous]

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@Anonymous wrote:

I have 5000 for down payment so 10% for a 50000 home. i want a fha loan but im scared my income isnt enuff so i think they require only 3.5%

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It's possible your income qualifies you for down payment assistance programs through your local city/county hud offices.  FHA requires 3.5% down regardless of your income or the price of the home.  As long as your income can pay the monthly mortgage payment as well as any other credit type bills like credit cards, auto loans etc and you don't have really bad credit you will get approved

[ShanetheMortgageMan]

Like steelfan mentioned, you may want to check into down payment assistance from the city/county/state you are buying in as your income should certainly fit within the required limits.  Even though the down payment on an FHA loan is 3.5%, there are also closing costs that you are responsible for as well.  You can either choose to pay your closing costs yourself, or if the seller is willing you can put in your offer for the seller to pay them (currently FHA permits the seller to credit the buyer 6% of the sales price towards the buyer closing costs, but will soon be reducing it to 3%).  Regardless of the sales price there are always a certain amount of closing costs that are always charged, so you should estimate about $4k would be needed for those.  As long as you've been employed for 2 years, then with your income of $25,680, no debt, and excellent credit, you shouldn't have any difficulty qualifying for a $50k sales price.

[Anonymous]

is there any threads i can look at for those assistant programs?

[ShanetheMortgageMan]

I think there was a thread a long time ago, it wasn't a formal thread, just a bunch of people asking questions about down payment assistance programs and then I looked up what I could find.  Whereabouts are you buying?

[Anonymous]

clark county indiana

[MarineVietVet]

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@Anonymous wrote:

clark county indiana

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They probably have a website. Go there and see if you can find anything. You can also call them for information.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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[ShanetheMortgageMan]

Couldn't find anything specific to Clark Co, Indiana but I did find

http://www.in.gov/ihcda/2507.htm