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On very low income monthly can I get a first time home buyers loan????

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September 27 2010 - Thomson
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Profile picture for wetdawgs
On the mortgage tab (up towards the top of this page), you'll find a calculator called "how much can I afford".     If your credit score is good, and you have 20% down, you have a debt to income ratio that is low, and you are purchasing within your means - you may be able to get a loan.   
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September 27 2010

More information needs to be included to determine if you would qualify. You really should contact a mortgage broker or lending institution to become prequalified. Sellers will take any offers you make more seriously and you will already have done alot of your leg work. If you don't want to be prequalified for what ever reason, contact a Real Estate Agent. A knowledgeable agent can not prequalify you, but they should know the formulas used to come within a close price range of what your buying power is, as long as you have decent credit. Good luck!!!!

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September 27 2010
Profile picture for the_country_hick
If you have an acceptable debt to income ratio; A good enough fico score; A down payment; and the mortgage amount is something you can afford you should be able to get a loan. The only thing I have seen is that loans under $50k are hard to get. They do not pay enough for a loan officer to want to bother with (apparently). 

Talk to a lender near you. A bank or credit union usually have a mortgage person that can help you with all of the specifics.

One word of warning. here: If you buy the house and a problem arises like the furnace dies or the roof leaks and you need to spend $8,000 on repairs how could you pay for that?

Consider the 2 blogs below.

Sometimes renting a a higher monthly payment is really the wisest move you can make. This is a very different way to look at renting or buying.
"Why rent if you could buy for less money? Valid reasons inside."

Use your numbers. See which way really makes the most sense for you. The blog below shows how.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."
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September 27 2010
Hi there -
I really think your question cannot be answered without more specifics. It just takes a few minutes over the phone for a lender to give you some guidance and get a little bit of information - then you can move forward from there and do a total application.  You'll get some piece of mind and find out for sure what you can qualify for ...  
I wish you the best...
Sincerely,
Celia
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September 27 2010

It depends.  You will need to speak with a licensed mortgage broker/lender to determine if you qualify for a mortgage loan.

Here is a link to HUD that provides some details on programs for first time home buyers in Georgia.

http://www.hud.gov/local/index.cfm?state=ga&topic=homeownership

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September 27 2010
 
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