Posted on: 20th Aug, 2013 02:05 am
Hello there... I have a credit score of 720+ but I have a low income... just $950 a month. Will it be possible for me to get a HUD home.
With such a low income, it will be difficult for you to qualify for any kind of loan. You will have to increase your income and then look out for a home. Unless you have a good income, the lender will not be sure enough regarding the loan repayment.
Hi Velocity,
I agree with what Niicss has said. You will have to increase your income in order to get the loan. Nevertheless you can check out the given calculator in order to find out how much mortgage you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
I agree with what Niicss has said. You will have to increase your income in order to get the loan. Nevertheless you can check out the given calculator in order to find out how much mortgage you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
Getting a low income mortgage loan can be quite difficult. The reason for this is simple when you look at it from the perspective of the bank or lender. They are letting you borrow a large amount of money and you are agreeing to pay it back in a set amount of time. If your income is such that it is too low, they will deny you the low income mortgage loan because they are afraid you will not be able to pay the loan. If you default on the loan and do not pay it, they will not get their money back.