Need Help

Me and dh are looking to buy a house. Now dh has his own landscaping business and I am a stay at home mom. How much do you have to be making to get a mortgage? Do I just go down to our bank for a mortgage or are there other places to go?

Re: Need Help

Our first step was to make lists of our take-home pay versus our bills and figure out how much was left over.

We had cleaned up our credit years ago. So we started saving as much money as possible and paying off our credit cards and major debts.

Then we went to Long Island Housing Partnership, here's a thread that should help: LIHP.

If you do a search in this forum for it, you'll find it mentioned over and over. It's free, and they help you determine what you can afford.

Hope this helps!

Re: Need Help

also, since you don't work, you may qualify for SONYMA loans (NYS reduced interest loans for first time home buyers)

SONYMA

you definitely have to have savings, and not too much debt (car loans, credit cards). Basically, calculate what you could comfortably afford in rent.... Now that amount (say $3000 or less) would have to be the maximum monthly payment for the mortage + taxes + insurance. So if you buy a condo that has $4000 in taxes a year, and insurance of $800 a year, you can afford a monthly mortgage payment of $2600 a month. You should also factor in a buffer zone for home repairs...

It's trickier applying for a mortgage if your husband generates a 1099 form (self-employment with variable income from month to month) than a W-2. Banks like to be assured that your income is garanteed.. as if anyone's is

Message edited 8/30/2007 11:42:16 AM.

Re: Need Help

we are looking to buy a 2 family and dh parents are going to be taking a part and splitting the mortgage with us. they put their house up for sale. we dont have any money to put down really, maybe a few thousand, is that going to be a problem?