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can a house be bought with an income of $22,000.

First time buyer not looking for a top notch house just a liveable fixer upper, me being a construction worker My credit is not so good but ive seen decent houses estamated at 500,600 a month and thats affordable for us.Also my spouse has a part time job giving her anualy $8,000. thanks

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March 06 2011 - Fresno
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Answers (4)

it will be best to put some money back and save up to have a your down payment.  what you don't want to do is find some fly by night lender that will give you a loan with some ridiculous interest rate or some adjustable rate that goes up in the future.  You want to look at the long term as well as the short term. You can probably qualify for something, but if you can wait and save up a little cash it iwll be better.  Keep in mind once you own the house you're going to be responsible for the insurance and taxes and repairs.  Even if you have taxes and insurance put into your payment you won't have an exact predictable amount each month like you do with rent.  every year taxes and insurance increase and that is spread over each month for a few dollars, things break etc.  set a little back and prepare so that when you do buy you will have a cushion for the down payment and get a good solid loan.  good luck. 
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March 06 2011
If you can find a house under $100K you should be in the game.. if your credit is good...  I would make sure to work with a reputable lender and a competent Realtor to make your goal a reality!

Best of luck!

Ron Escobar, MBA
Broker & General Contractor
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March 06 2011
Profile picture for the_country_hick
I would post this again under mortgages. Better yet talk to a lcoal lender to find out the real facts based on your individual circumstances.

Your income is good enough to get a mortgage. Your credit may or may not be. The only way to know for sure is to ask a lender. How much of a mortgage you would qualify for depends on your credit history. debt to income levels, and so on.

FHA loans require 3.5% down and more for closing costs. You should also have some extra money on top for repairs and unexpected problems that could arise.
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March 06 2011
You are going to need a credit score of at least 620 most likely. You need to get with a loan officer to help you find what you qualify for. Hopefully your wife has had that part time job for at least 2 years or the lender will not be able to include her income.
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March 06 2011
 
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