Is it possible to buy a house making about 1500$ a month with excellent credit?

In addition to the title, I'd be looking at $75k as the purchase price, only debt I currently have is about $2500 left on my auto loan. I've been told to steer-clear of ARM's, so I'd be most interested in a standard 30-year mortgage.Is it possible to buy a house making about 1500$ a month with excellent credit?
Buying is not going to cost you much more than renting, so I'd say go ahead and buy.





If you buy a place selling for $75M with 10% down, financing $67,500 with a 30-yr fixed loan at 6.5% will give you payments of $427/month. With property taxes and hazard insurance, you'll be looking at total cost per month (PITI) of probably between $550 and $600 per month.





Michigan has seen values go down as a net migration out of the area continues, but I'm convinced that in the long run - short of something like Chernobyl - that property values will go up. In a worst case scenario with declining values, you're not really spending more than you would have to rent - so you're still better off having some equity than none. Good luck to you.Is it possible to buy a house making about 1500$ a month with excellent credit?
yes but depending on where that's not enuf to live
It depends on where you live. Where I live the median home price is $550,000. I bought a mobile home for $77,000. Its a fixer and I fixed a lot of stuff so it can be a good investment. The only problem with mobile homes is that you need to put 20% down. After closing costs I was out $20,000. Also, the park might require you to make a certain amount of money before you can qualify to live there. You might want to wait until you make more money or buy with a friend that you REALLY trust.
I dont see a problem with you getting a loan. I would suggest checking a loan. If you have seen my other answer I never suggest going to a bank. But in your situation you might be able to do a loan like *Utah House* They are fixed rates and about 1% below market. They are FHA loans.





Loan officers dont sell them because the most Utah housing pays is 500 dollars. When you pay your processor you have about 5 bucks left.





This is where I suggest a bank, call or google what they have in your market or your state. I do these loans only as a service, I know I wont make a penny... But its always great for referrals, Check and see what your market (state) has.
new york city no. rural areas yes.
Absolutely! Various lenders can offer you what you are looking for at very competitive rates. Depending on what you have available to put down, 5% -20%, will help determine your monthly payments. Without 20%, you will be required to pay Primary Mortgage Insurance (PMI). This is insurance the lender requires in case you default on the mortgage; if you have less than 20% they consider you high risk.





There is a way around paying PMI, it's what's called an 80-20 loan, an 80% first mortgage and 20% second. (These come in various scales: I most recently used 80-15-5 where I used 5% of my own money down and carry 2 mortgages on the property.) Both of these are fixed interest rates and amortized over 30 years. I currently use an 80-20 and an 80-15-5 on various properties.





In the end you need to do what's comfortable for you. I do the second scenario because I can deduct mortgage interest, whereas PMI is not tax deductible. I use it strictly for tax advantages.





Find a good, reputable mortgage broker who knows your state trends as well as the underwriting guidelines of the products s/he offers. Brokers have more products available to better serve your needs/strategies than most banks.
Is it possible? Sure.





I recommend you look into 3-4 unit buildings in your area. The income from those units will be counted as your income for qualification purposes. The financing rules are mostly the same as when you buy a house. The end result is that you live in one of the units and rent the others out. This lowers your monthly cost of ownership and when you move out, you'll be paying yourself (called a cashflow btw), your tenants will be paying the mortgage and you will get all the equity that builds in the property.





Manage the property (raise the rents and improve the property) which raises the value of it. Then do a cash out refinance to purchase your next home. In fact, you should do the 4 unit thing a few times before buying your own home. Then the cashflow from your units will pay for your primary home.... That's what I would do anyway....Good luck