We are a family with low income. I am now unemployed with an occasional self-employment, the man makes 30K per year. I am very good at budgeting our money, we have always managed to pay all our bills clients, such as your rent is $ 800 per month, two cars, telephones, electricity bills. My husband credit OK, my guests almost perfectly. If we are able to pay rent of $ 800, why do not we can try to pay the mortgage, maybe even less. We want to buy a house for 100,000 dollars, you need Bank lends us the money? There is this program called Maryland Mortgage Program, the loans to low-income homeowners CDA, but I fear that our income is too low.
How “low” have to be with family incomes of low income? Do you think we can get a loan with our financial situation?

Maryland Mortgage program offers up to 3% of the purchase price toward closing costs that you would also have come with a minimum deposit to go. The funding of the VA can zero down. For an FHA loan and purchase $ 100,000, the $ 3,500.
At the current rate for a house of $ 100,000 from your total mortgage payment plus taxes, insurance and mortgage insurance would probably be in the range of $ 750 – $ 800. Their rate of unemployment can not be requested as a secure income for a loan, so your chances probably better if your husband does not apply individually. They allow a credit rating of 580 or more on an individual they see how the individual borrower’s income and bills.

If payments are from your husband’s existing credit more than $ 300 per month in total, you are probably too high because the program allows a debt to the maximum of 45%. For an annual income of $ 30K, the total payments of the credit, including home $ 1,125.00 limits.

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