mcnld2002 asked:
we would like to look at purchasing a foreclosure home, but we have lots of student loans and some credit card debt.
http://1mortgagecalculator.info
we would like to look at purchasing a foreclosure home, but we have lots of student loans and some credit card debt.
http://1mortgagecalculator.info
my husband and I plan to. I think most people nowadays have debt
no, no, no and no
lease purchase, yes.
If you can afford the payment and want to pay higher interest then a mortgage, then yes it’s realistic, but not recommended.
follow kemperks advice.
Sit down with a banker and all your financial records and get pre-approved for a mortgage amount.
This way you will know how much you can spend on a house and if you get turned down altogether you can get an idea on what you need to do to improve your chances to get a mortgage in the future.
Generally speaking, you debt ratios should be less than 31/43.
In English, this means your monthly housing payment (including Principle, Interest, Taxes, Insurance, etc.) should be no more than 31% of your gross monthly income. Your housing payment and bills together should be no more than 43% of your monthly income.
For example, if you gross $5000 per month before taxes, your total monthly debt should not exceed $2150 per month. Therefore, if your credit cards and student loans are $1000 per month, your maximum housing payment should not exceed $1150 per month.
If you can’t buy a house for $1150 per month, then you need to pay off some of your bills or make more money.
NO,It is better to pay down your debt first,then in 8 months see where you are at in the income side and what is affordable with housing.
The question should be whether you would even *qualify* for a home loan with the amount of debt you have at this time.