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Can I buy a home with 40% down. I make $24,500 until I get a good job (just graduated)

I want to buy a $110,000 home. I have a $44,000 down payment for a loan and I will still have $12,000 in my savings account. I think I will have to take $5,000 out of my $12,000 savings account for closing costs. So in the end I will have $7,000 left in my savings account and still $44,000 down on a loan.

My credit score is a 760. I have worked this small clinic for 5 years while in school and I only make $24,500 a year. I just graduated as a RN this year but it is hard right now to find a RN job as a new grad. I have no debt at all on anything.

Would I be approved for a loan if I only make $24,500 a year? I would always stay with my old job until I find a better paying job. I don't know how long it is going to take me to find a RN job that typically pays $20.00 a hour. I live in Texas.
  • October 08 2013 - Houston
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Answers (4)

There is no reason why you should not qualify for a mortgage. If you need help finding lenders, please email or call me and I will be able to provide you with lenders that will qualify you for a mortgage. You will need to get qualify before you begin looking at homes.

Diana Walton
Diana Walton Properties
Champions Real Estate Group
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  • November 18 2013
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You will meet the guidelines based on what you have listed here.  I am in Texas as well so if you want more information feel free to contact me.  I would suggest an FHA loan based on what you have listed here.

  • October 09 2013
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Nothing in the info you provided should prohibit you from getting a mortgage, but we don't have a full picture, so it's tough to say with any certainty. 

One concern that a lender may have is that if you have absolutely no debt, you may not have much of a credit history. Sometimes non-traditional tradelines may be used like phone, electric, water, and other bills.

It is probably best to speak with a reputable lender in your area so that you can give him/her a true picture of your loan scenario. They'll be able to give you a much more decisive answer. 
  • October 08 2013
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Since you have a good credit score, reserves in your bank, and a high down payment, it may allow lenders to over look your low income. This isn't guaranteed but a possibility depending on the lender. Also, your employment shouldn't be a problem with lenders since your employment will be related to your college course work. The best thing for you to do right now is to speak with different lenders. Speaking directly with a lender is the best way to figure out what you should do. There are lenders like myself that would be glad to speak with you to help you get the loan that you need.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!

  • October 08 2013
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