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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Is it possible? (mortgage related)
To be approved for a mortgage on one person's salary? I live in NC and I was just wondering if it would be possible. Of course not in NY but thought it might be possible. I was wondering because when we bought the house we're in now we used both our salaries, but our credit cards were completely maxed out, about $25K worth, and our credit scores were much lower too. Any thoughts? Thanks!
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Posted 1/24/07 3:00 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is it possible? (mortgage related)
of course it is - granted you can afford your mortgage and other debts on the one salary.
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| Posted 1/24/07 3:02 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Is it possible? (mortgage related)
absolutely
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| Posted 1/24/07 3:02 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Is it possible? (mortgage related)
If your credit scores are high you should be able to do a no-doc loan. I think the rates are a little higer than on a stated loan though.
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| Posted 1/24/07 3:02 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is it possible? (mortgage related)
Posted by jacquig
If your credit scores are high you should be able to do a no-doc loan. I think the rates are a little higer than on a stated loan though.
great suggestion! you can do a stated income mortgage - where you dont have to verify your salary- but yes the interest rate is a bit higher than a conventional mortgage.
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| Posted 1/24/07 3:04 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Is it possible? (mortgage related)
i am just curious why you think you would need two salaries to be approved for a mortgage. Single people buy homes all the time. They usually only have one salary. How about families with stay at home moms? Do you think they wouldnt qualify for a mortgage because of this? It goes by how much income you have - not by the number of salaries. Maybe i am misunderstanding your question?
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| Posted 1/24/07 3:05 PM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Is it possible? (mortgage related)
I just never thought of being able to buy a house with only one salary. It wouldn't be affordable. Maybe because my DH never made "good" money I never thought we could do it. But if we could swing it, I was thinking of becoming a SAHM. I'm only working now because I thought we would need both incomes to buy a house and a car since we don't make a ton of money. I want to work P/T instead of F/T. I was going to wait until we bought another house and car to stay home but was thinking of doing it sooner. All but $300 of my income goes to daycare, so what's the point? I can work P/T to make up that money. Anyway, thanks!
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| Posted 1/24/07 3:16 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Is it possible? (mortgage related)
Definitely. We got the mortgage on our house in NY based on one person's salary. You just buy what you can afford.
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| Posted 1/24/07 3:25 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Is it possible? (mortgage related)
Posted by CaidensMommy
I just never thought of being able to buy a house with only one salary. It wouldn't be affordable. Maybe because my DH never made "good" money I never thought we could do it. But if we could swing it, I was thinking of becoming a SAHM. I'm only working now because I thought we would need both incomes to buy a house and a car since we don't make a ton of money. I want to work P/T instead of F/T. I was going to wait until we bought another house and car to stay home but was thinking of doing it sooner. All but $300 of my income goes to daycare, so what's the point? I can work P/T to make up that money. Anyway, thanks!
Yeah - your question really wasnt clear because you seemed to be asking in general, when in reality you were referring to your own situation.
We would need to know more intimate details of your finances to determine what you can and can not afford to do. but the number of salaries is irrelevant. It is the total amount of income combined with your credit rating etc.
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| Posted 1/24/07 3:30 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Is it possible? (mortgage related)
Posted by Meaghan729
Posted by jacquig
If your credit scores are high you should be able to do a no-doc loan. I think the rates are a little higer than on a stated loan though.
great suggestion! you can do a stated income mortgage - where you dont have to verify your salary- but yes the interest rate is a bit higher than a conventional mortgage.
this is what we did. Our rate is higher, but DH has horrible credit so we had to do this.
If one spouse makes ALOT of money (mortgage should not be more then 50% of monthly salary), then you could do it based solely on that spouse's salary.
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| Posted 1/24/07 3:31 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Is it possible? (mortgage related)
I did a no doc loan, got a house on long Island by myslef, and I am not rich by any means. It can be done!
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| Posted 1/24/07 3:35 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Is it possible? (mortgage related)
Posted by lululu
We would need to know more intimate details of your finances to determine what you can and can not afford to do. but the number of salaries is irrelevant. It is the total amount of income combined with your credit rating etc.
Totally agree - mortgage approval is not based on the number of salaries on the application, it is based on credit rating, income, etc.
You need to sit down and figure out your finances to the penny - every little thing you spend your money on and how much money is coming in. It is totally plausible to afford a mortgage on one salary...even in NY 
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| Posted 1/24/07 3:35 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Is it possible? (mortgage related)
Posted by Meaghan729
Posted by jacquig
If your credit scores are high you should be able to do a no-doc loan. I think the rates are a little higer than on a stated loan though.
great suggestion! you can do a stated income mortgage - where you dont have to verify your salary- but yes the interest rate is a bit higher than a conventional mortgage.
This is what I have -- DH works off the books AND his credit is poor. I have good credit and work on the books but on paper, I can't afford my mortgage and other bills.
My interest rate is higher than what some of the other people have posted, but not by all that much. FM me if you have questions.
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| Posted 1/25/07 9:38 AM |
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MrsS1126
MY FOREVER
Member since 1/06 1671 total posts
Name:
Jackie
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Re: Is it possible? (mortgage related)
Definitely possible.
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| Posted 1/25/07 10:49 AM |
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