A question by Interested in buying a house for the first time. The net annual income is about $25,000. Is this too low to purchase a house? I have a considerable amount of down payment that I could put down. There’s no cosigner. Someone is moving in also, but doesn’t work. Is a student. I’m playing on moving in the New Jersey area.?
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I these times buddy, it is very low, however do you have a co-signer and where abouts are you planning on living, that helps to.Anonymous
With income that low, especially if you have children, you might qualify for a Habitat for Humanity home. The first thing to qualify is you have to be living in substandard housing. Then you have to have an income. Then you have to be unable to get a mortgage by regular means. You would also have to have enough income to pay your mortgage (which is interest free), taxes and insurance. You then would be required to work on your home, anywhere from 250-500 hours total. It’s called “sweat equity” and gives you a sense of pride in ownership. I’m sure that you have one of these chapters in New Jersey. Homes in that area are expensive, as well as other urban areas, so you will be very limited in what you can afford…and where. <*)))><.Anonymous
Depends what part of New Jersey. Much of South Jersey (but away from the shore) is cheap. Be careful not to get hooked into a “less than interest only mortgage”. If you see an advertisement for a 1% mortgage. Run!Anonymous