Can a single person that makes 33,000 buy a condo or a house?
958647
Most lenders look at you in terms of DTI when considering if you can afford a house. Your DTI is debt to income ratio. Going with a "conventional" mortgage program requires that your DTI is less than or equal to 38%. This means that your total mortgage payment per month can be no greater that 38% of your total monthly income. Sub-prime lenders allow you to go up to 55% depending on the total amount down.\n\n$33,000 per year puts your GROSS monthly income at $2750 per month. Per sub-prime standards, you COULD take out a mortgage with monthly payments at $1375 per month, IF you have no other debts! If you have anything you are paying on right now (car note, credit card debts, student loans, etc.) those come out of the gross monthly salary as well. \n\nYour best bet is to talk to a trained mortgage professional to see what your options are, get yourself pre-qualified for a loan then go on a house hunt! It is possible if you just look into your options!!
899623
yes there is a way, some banks allow you to do what they call "stated income, stated assets" that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. with that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. email me if you are intrested, i can give you more advise or even help you out with it.
875032
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
510154
thirty years and a mortgage
480371
Sure, there are all sorts of individuals willing to lend money to people willing to use thier house as collateral.  Try searching for the terms, "individual mortgage sponsor" or "high rate mortgage" online.\n\n  \n $900,000 is a lot, though.  Good luck!
944834
You can offer what ever you want.\nThe realtor is required by law to present your offer.\nDon't listen to mental cases who tell you that you have to offer so close to the asking price- forget what they have to say.\n\n          Alot of people end up saving thousands by starting lower.. if you're in a hot area where property sells within days, sure, a low offer won't do you much good.\n\n                  But don't ever feel that you have to, for example, offer 380k just because some asshat has his property listed at 400. That's the most ridiculous idea I've ever heard of.\n\n                          If you offer 300 what is the worst that can happen... turned down or maybe a counter offer? If you go in like an idiot offering almost their asking price when they might have taken 340 for example you'll be making a $40,000 mistake just by listening to bad advice on the internet\n\n\n        Offer what YOU think is fair... start LOW. Period.\nI don't care what anyone gets on here and says.\nJust start low and offer what you think is fair.
577918
BUYING IS ALWAYS BETTER!  People that rent are making landlords rich, and I thank my tenants for that.  If you were to buy a condo in an area of good appreciation, you have equity in the home whether you are ready to settle down or not.  You are putting money into your own walls as opposed to a landlords pocket, whose mortgage YOU pay when you rent.  I know people that are 20 years old buying real estate because they have educated themselves on this subject.  There are many tools out there for first time home buyers with little or no money to put down.  Research buying or put someone Else's' kids through college.
958572
With that income you could certainly afford that house.  Do you mean what income would you need to afford that house?   Usually, if you earn a middle income sort of salary, a bank prefers if your mortgage payment is no more than 25% of your monthly income.\n\nThese links will help you figure out the mortgage you could afford with different incomes.
970852
I don't think there is a generic answer that satisfies your question.  If you overpay for either a house or condo, you will get a lousy return on your investment.  Also, note that the supply of condos in NYC is relatively low also as most of the apartments for sale are co-op units.  If you buy a condo, I would recommend buying at least a two bedroom apartment.  1BR and studio apartments aren't as good for resale.
1066229
Hi,\n\nNo, it's not a scam, it's just using real estate law and thinking outside of the box in purchasing real estate. Your best bet, is to read real estate investment books and websites (like www.reiclub.com).\n\nAnd you're right, there is no way to OWN property without money (or some form of value), credit and mortgage, but you can CONTROL property without the three. You then sell the control of the property to other people or investors. You can OWN property without money and credit, but you'll need to have a mortgage because no one is going to give you a piece of property that is paid for free of charge. Here's your hint: "Assignable purchase option contracts". \n\nGood luck to you. And by the way, it's not "of course! It's so obvious!", it's more like "Oh, I didn't know such a thing existed and that's how the rich got rich?". By the time you're done, you will never look at property in the same light. \n\nE-mail me if you have any more questions.\n\nRegards
952648
I live in NY State (highest taxes in the USA). I'm single but I do have a bf. I own my home and a few acres of land. I'm very comfortable and make $85,000 a year. My bf makes $70,000 a year.
457781
No.  Condos are now more expensive than they were before the crash 6 years back.  That's really telling on where the market is.  Buy low and sell high, right now is high.  Buy only if you really need a place to live and outside the metro area is always a better buy and less prone to big price swings.
887329
Sure, if it's worth less than $10,000.\n\nI once sold a house for $6.000.  That's what it was worth in its location and condition,
48928
The short answer is you can't.  Unless your job is bringing in over 200K a year or so.  I used to live in San Diego and now work in the mortgage industry.  The median home price in San Diego is about 550K.  For example, if you have a 30 year fixed mortgage @ 6.5% on a 550K home, your mortgage payment is going to be $3,476.37 and that's not including taxes and insurance.  If you're bringing in 100K a year that's $8333 a month you're bringing in before taxes.  After  taxes there isn't much money left over for actual living (food, gas, credit cards, etc.)\n\nI would definitely look into foreclosures or talk to a bank about REO homes (They'll know what you're talking about)  Interest only is alright only if you're making a little more than the minimum payment, or if you expect your income to increase, or you expect your home to appreciate in value after the interest only period is over.  Good Luck!
170727
You are allowed to buy property.  There is no requirement to show your status for any purchase.  Financing the purchase would be more challenging since you would not be able to prove your income.
748600
yeah, if a HUD home counts.  Otherwise, in order to pay the mortgage or rent they have a dozen or so relatives living in one house.
200266
Look at your income and determine how much you can afford ... be realistic ... things like garbage and water and landscaping are expenses you may not have had in the past.  Then decide where you want to live ... city, suburbs, rural ... single family home, condo ... research neighborhoods ... do you have kids? ... school districts, will you be commuting? ... traffic and public transportation ... work with a realtor ... they are the experts ... remember it is the SELLER who pays the commission for the buyer's and seller's agent ... good luck.