al77
Master Don Juan
So I saved for the downpayment and fix ups, mortgage payments and closing costs. Found a partner who is a handyman and have a decent credit score. Went to a bank to figure out if we can get a home loan.
For a modest house of $150, payments will be about $1200 per month (PITI, i.e. taxes, insurance included).
Now, they told us this payment should be only 41% of less of monthly income minus your rent or mortgage or payments.
If you do the math, you will see that you cannot even start thinking about REI if you don't make $43-45k per year.
I don't make that kind of money but my partner does. The problem is he has to pay $1200 monthly as the mortgage for his own house, make two car payments and pay educational loan.
So he cannot not get qualified for that modest loan.
How do you guys actually get a loan if you don't make more than $45k?
For a modest house of $150, payments will be about $1200 per month (PITI, i.e. taxes, insurance included).
Now, they told us this payment should be only 41% of less of monthly income minus your rent or mortgage or payments.
If you do the math, you will see that you cannot even start thinking about REI if you don't make $43-45k per year.
I don't make that kind of money but my partner does. The problem is he has to pay $1200 monthly as the mortgage for his own house, make two car payments and pay educational loan.
So he cannot not get qualified for that modest loan.
How do you guys actually get a loan if you don't make more than $45k?