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i have $24,000 save , my income is low , i would like to know if i can get a loan of 80,000 for a ho

i work at walmart , but i make like $ 12,000 a year ,but i fix computers at home and make as twice as much of what i make at walmart, but i don't report that. can i get a loan of $80,000 to buy a house? my credit is like 640 at this time
  • September 29 2010 - Riverview
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Answers (2)

You cannot use the income from the computer work to qualify for a loan for several reasons.  It is not documented, it has no 2 year history of being reported or tracked and it basically cannot have any stability without all of the above factors. 
You can probably qualify using your Walmart income and with that down payment IF you don't have other debts.  A lender will figure your income based on your Walmart paycheck.   You have to have a 2 year history of employment - w/ some exceptions. Then they will look at your credit report and see if your FICO score makes you eligible and then next look at the debts you have to pay monthly per your credit report.  
I would definitely get prequalified - you'll find out and have peace of mind! 
Sincerely,
Celia  
  • September 29 2010
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You really need to talk to lender.   Ask your friends, family, clients if they've been in a recent real estate transaction and ask for a referral.

But the information you've provided, since your income is "undocumented" it may prove more difficult.  Mortgage lenders today are requiring high level of documentation proving your income, i.e. ability to pay the mortgage.

Good Luck!

  • September 29 2010
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