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How can I get the finances to buy a home?

 
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karterlee



Joined: 14 Nov 2010
Posts: 43

PostPosted: Sat Feb 02, 2013 3:22 pm    Post subject: How can I get the finances to buy a home? Reply with quote

I'm on a $54.04 a week wages and my wife is on a $600.00 monthly pay, however I'd would give just about anything to purchase a house. Might that be conceivable? Might I be able to get an advance or something, coincidentally, we both got terrible credit.

Singapore housing loan
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Mullenax



Joined: 21 Dec 2010
Posts: 19

PostPosted: Thu Aug 22, 2013 9:18 pm    Post subject: How can I get the finances to buy a home? Reply with quote

As you described about your monthly income and your credits,I think you should do these three things to buy a home.

1) The bank wants your total debt to be no more than about 38% of your income. If your income is $3000/mo. then the bank figures your total debt can be $1140/mo. But if you already have $1000/mo. in debt, then you have only $140/mo. left for mortgage payments. Pay down your debt as much as possible to increase your borrowing power
2) If you don't already have a down payment saved, start saving now. Every time you get a paycheck, put a portion in your savings account first. Pay yourself first so that money is definitely saved.
3)Good credit not only helps you qualify for a loan in the first place, it helps you get a better deal when you do get a loan.

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Miami Beach Real Estate
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