truthsense asked:


I am looking at buying a property for 180,000. This is my first home and I can put down only 5-10%. My salary is 55,000 per year and I have a small business online that generates 20,000 per year. The property is a 5 unit apartment complex with all units currently rented and producing 2380 in monthly income currently. The total costs involved in the property if I were to own it would be 2000 per month. Should I get approved for the loan?

I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?

Arnold

shelli b asked:


–The house costs around $140,000.
–Could give a downpayment around $60 to 75,000.
–Plan on paying off all of their bills (currently on a debt management plan and late on some others.) so they would have no debts other than a school loan.
–Credit scores not the greatest. I believe around 620 for both husband and wife.
–Moving from Calif. to Arizona.
–Wife will have same job when moving to AZ–make about $2,400 month.
–Husband will not have job yet when wife moves. Plans to move once a transfer on current job goes through. Will visit on some weekends. (could be 6 months, a year?)
– They own a home in California but are accepting a mortgage buyout and their names will be taken off mortgage.

Any insight on this one? Thank you!
Husband makes about $3,500/month, but since he doesn’t have the job yet in Arizona, is that going to be a huge problem.

BLAIR