someone tell me how a married couple can get a home mortgage living on a income of 1250 a month?
Renting & Real Estate
rhonda_good2006 asked:
they live on 1250 a month… and that is ssd for the both of them? what mortgage company would give it to them? they just got their bankruptcy papers about 6 months ago.. they live in 1,250 a month? and they get a 45,000 home loan? HOW?
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they live on 1250 a month… and that is ssd for the both of them? what mortgage company would give it to them? they just got their bankruptcy papers about 6 months ago.. they live in 1,250 a month? and they get a 45,000 home loan? HOW?
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November 6th, 2008 at 1:49 am
With an income of $15,000 per year, the couple should be able to afford a $30-40,000 home. Such homes may exist in some areas of the country, but most homes cost much more. There is little hope that the couple will qualify for a mortgage on a home unless they find one for sale in that price range. And even then, with so little income and a history of bankruptcy, lenders would be reluctant to offer financing.
There is no law or requirement for every married couple to own a home. There is nothing wrong with renting, working hard and saving money for a possible future purchase.
November 6th, 2008 at 5:48 pm
The lending market is unregulated.
Loans were given to people with no jobs, no deposit and no savings.
November 8th, 2008 at 9:49 pm
honestly u shouldn’t.
u need to keep renting.
u need to figure a way any way to get off SSDI.
visit library read understand apply info from
‘what colour is ur parachute’
‘48 days to work u love’ d.miller
‘total money make over’ d.miller
visit live withoutlimbs.org for encouragement
besides a 45K home isn’t much and that does not count taxes insurance utilities transportation etc etc..