I’m 30 years old and I’m looking into buying a house of my own.
My job isn’t perfect. I make $ 300 a week. I have just over $ 1000 saved(if need be I can get or borrow whatever more is needed for down payment or closing…
my credit is just below average. I had issues 2 years ago but have been doing well the past 2 years(no bankruptcy’s or defaults, just a messy breakup that caused my credit to drop due to late payments)
I’m not looking for anything fancy. Perhaps a foreclosure or a fixer upper somewhere.
My issue is that last summer I bought a new car. on top of which I have a personal loan. around $ 14,000 left for the car and $ 7,000 for the loan.
I know it’s a long shot, and I’m not sure it’s possible so I’m asking here. Can I get a mortgage anywhere, would there be a place that would consider rolling my other loans into the mortgage?
Say I found a house valued at 50k selling for 20k? would anyone grant me a mortgage for 42k under such circumstances?
I’m not looking for anything more than 60k. at most and in my area there are dozens of houses going for 10-20k. their full value and such I have yet to look into, but that is another matter in hand. If I can’t find a house I can’t find a house. step one is making sure that if I find a house I’ll be able to get the house so I don’t waste time or money looking.
Doing calculators even at 7% interest(very high I know) at a 50k mortgage, my payments would be almost half what I’m paying now, and doesn’t even take into account my current rent!
This is something I need, more than anyone can imagine. So, is there a way, or a place or a person or a company that would work with me?
Thank you to any and all answers. 🙂