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Sure they will qualify everyone by 2 1/2 times your income. you would be able to get a loan for around 120000.00 with a fico over 525

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โˆ™ 2006-08-25 16:38:28
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Q: Can you get financing for a home with an annual income of only 39k per year and a FICO of only 580?
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Does Bank of America offer rates lower than 5 percent for home financing?

Bank of America does offer initial rates lower than 5% for home financing. However, within a few years it is likely to go over 5% and adjust to your annual household income.

How do you get a home loan with low income?

By offering low cost housing and low financing interest, and 35% of their monthly income will be the payment of monthly basis of the home loan.

What is the average annual income in Toronto Ontario?

The average annual income in Toronto, Ontario is about $68,000 per year. Average home prices in Toronto, Ontario are $240,000.

What should a FICO score be to get approved for mortgage?

Your fico score is only one factor in buying a home. The lender will also consider your job history, debt to income ratios, assets and how much you are putting down on the home. Fico scores under 580 may cause you to get a VERY high interest rate, if you can find a lender that will lend on the home. A score of 680 or above will usually get you an excellent rate in todays markets.

How was the Average income 1932?

The typical American family had an income between $1,731 and $2113 per year. A new home cost roughly twice the annual income.

When can you buy a house after foreclosing on a previous one?

There are many factors to consider, such as how quickly your FICO score rebounds and lender policy, but generally you may be able to find financing for a home 2 years after a foreclosure.

How much home can you afford?

The amount of home you can afford is based on your monthly or annual income. For example if you have a down payment of $10000.00 and a gross monthly income of $4000.00, your maximum home price should be $40000.00.

When you apply for a home loan will the interest you get depend on your FICO credit score?

Yes, your home loan's interest rate will depend on your FICO score. However, your employment history, current income levels, amount of your down payment, and market (prime) rates will also be factored in when determining the interest rate on your home loan. Individuals with very low FICO scores may not even be able to qualify for a home loan at any rate, at least without a substantial down payment or a co-signer with better credit.

Where can I get info on personal finance home?

Personal home financing refers to financing in order to purchase a home/condo for use personally (not as a business or second income). One of the first places to look at for information is your local credit union or bank. You may also seek advice from a mortgage broker.

How much is usually paid at the time of a home purchase?

2 1/2 times the gross annual income.

How much do you have to make to qualify for a 150000 home loan?

Given that a reasonable estimate of the price of a home should not exceed 2 1/2 times your income, you would need a $60,000 annual income to purchase a $150,000 home.

Where can online home financing be found?

There are different websites where you can get online home financing. One of them is discover, which explain how to get online home financing and what opportunities you have. Another one is lendingtree which consists a network of lenders.

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