Would I be able to get a mortgage loan when I make $24,000 a year and I have no credit?
Answers:
More than likely, the most you would be able to afford- presuminig $10,000 for down and closing- would be between $50,000 and $58,000. Even with a co-signer, there is a very high chance that you won't be able to get a loan from anyone. That would make your payments somewhere between $400 and $450.
Your long-term debt-to-income ration, most times is maxed out at 36% of your income per month, and that includes car loans, credit cards, etc.
A good rule of thumb, when it comes to purchasing real estate is to only purchase property whose price does not exceed 2-3 times your yearly income.
Other answers:
good luck
good luck
You need credit. Get a credit card, make a very small purchase and pay it as soon as you gethe bill. It will help you build good credit and you need that to buy a house/mortgage. Bad credit is better than NO credit at all... get some credit and don't go overboard.
I don't know if you will get that, they will try to finance anyone. You should go talk to someone at your bank or a mortgage company and ask them how that works. I got one for 80,000 I make $34,000
The chances are not really good, unless you have a substantial downpayment, especially with no credit.
Yeah I don't think that will happen...you need credit to get credit I suggest you get a couple of credit cards buy stuff and then pay it off you need a history of good payment so try not to be late on your payments, and pay all of your bills on time that's what they look at. Good Luck!
you def need credit! i just got a mortgage loan with my fiance and he did not have much credit at all. they advised him to go to the bank and borrow $3000 and pay it back over a few months - just dont sepnd the $$$ keep it in savings and just p ay it pack over like 3 - 4 months! this will help build your credit and increase your chances of getting a loan. now only making $24000 may hurt you! you might have to have someone cosign on the loan for you since you make that amount and want a mortgage at $120000! also there are loans out there for first time home buyers which you might want to check into!