On a total salary of $100,000, I wouldn’t go any hirer than $250,000. Of course, the mortgage co will tell you could afford about $400,000 but once you get approved, then it becomes your problem. You should wait to buy the car after settlement. Make sure you get a fixed rate open end which means you can pay it down anytime without being penalized. On a 30 year mortgage, you pay about 70% in interest on the first 15 years. Also request an amortization that will give you a break down between interest/principal

Being single is not a reason to not approve you. Same for having kids.

What will STOP you is the income.

If you are earning around 28,000 a year. The max you should be spending for housing is around 460 a month. A 460 a month mortgage payment = about a 50,000 mortgage, plus your down payment = the price of a house you can afford.

Home buying has always been a tedious process. The home buying journey is fraught with winding turns and crossroads, making buying a home complex and difficult. The complexities of the real estate and mortgage market are not easy to decipher. So, the more prepared you are before begin home shopping, the easier it will bepurchase a home that is about 2.5 times your annual salary. But use our extensive online mortgage calculators to better understand your affordability. Learn how your income, expenses, and debts can affect what you can afford.

Yes, any number of people can be on a loan. The only people who apply jointly on the same application form are married people, but any group of people can decide to own property together, apply for a loan together, etcetera.

In this case, you and your husband apply on one application, and the uncle on a separate application, but the applications are considered together and you will sign final loan documents together. You can also form a partnership which applies for the loan, or even potentially a corporation, but both of these cost money and require additional work, both on your part on on the part of others, so most folks tend to prefer to keep it simple.

How the property is titled is a different, if related issue. In most cases, the lender wants the loan to be reflected in vested title, but there are ways to accomplish most folks preferences.

You can always apply and ask. You can count your child support as income as long as you will receive it for a few more years.

The banks will look at your debt to income ratio, as well as your credit rating.

Do not worry about asking a bank, the worst thing they can do is say no.

See if you qualify for this program:

What it does is pays for the down payment. Right now since it is a buyers market, it is likely that the owners will pay for closing cost, if that is a new home incentive.

1) Get your fico scores, freecreditreport.com
2) Know your credit profile, what you owe, things you can pay off in the next 6 months may not be counted at all.
3) Face the music, talk to a lender, you need to know what you qualify for now, and at what % rate in order to make the best decision for what you can afford.
4) How much can you afford? An example is that old rule of 3x your income, make a $30,000 then you can likely afford a $90,000 house, keeping the housing monthly expenses between 28 and 41% of your monthly gross income. (Still, your lender is the best source)
5) Contact HUD for a list of programs you may qualify for especially if you are a first time home buyer.
Difficulties:
If your debt to credit ratio is too high. Pay off debts, take 6 months to 1 year to pay down your debt before exposing yourself to house cost, house maintenance cost. The rule of thumb is you do not want more than 25% worth of debit based on the credit you have been approved for. An example is 1000 cc / nor more than 250 utilized credit or debt.

If your past debt is unresolved, everything you pay for when you get a house is based on your credit. Cable/SAT, phone, water, trash, sewer, propane, these companies can charge you fees depending on your credit score.

Do not buy anything (big – a car) and Do not close any credit card accounts. Credit helps you, if you close an account, now the other credit cards have to take up the slack.
An example,
$4000 CC A
$3000 CC B

The debt on $3000 credit card B is $2000. The debt on the $4000 or ccA is $3000. If you close credit card credit card B, you are now in the red for extra $1000 over what CC A can cover.

Good luck to you and your family!

You can have as many people on title as you want. I just suggest that you create a family partnership and make provisions in case of divorce (what happens if you n hubby divorce or uncle gets married), death (one of you dies), disability (one of you becomes disabled and no longer can make mortgage payments) and departure (your uncle no longer wants to own this house). Have this partnership purchase the house.

Regards

Home buying has always been a tedious process. The home buying journey is fraught with winding turns and crossroads, making buying a home complex and difficult. The complexities of the real estate and mortgage market are not easy to decipher. So, the more prepared you are beforepurchase a home that is about 2.5 times your annual salary. But use our extensive online mortgage calculators to better understand your affordability. Learn how your income, expenses, and debts can affect what you can afford.

Approval for a mortgage has little to do with marriage/single and a lot to do with income, debt-to-income ratio, cost of home, timely payment of other bills, and credit score.

The easiest start is getting your credit report and score from one of the big three (Experian, TransUnion, Equifax) credit reporting agencies to look over your credit history. You can look online for the FICO score meaning, but most agencies consider a FICO score above 725 as good.

Also, on the credit report…do you have bills that were past due by 30 days? 60 days? 90 days? Each one of those can affect your score. Additionally, the front page will tell you your overall debt-to-income ratio in percentile form.

Once you review your credit report, take it to YOUR financial institution and have an advisor look over it (usually a free service) and they can provide recommendations how to improve your score as well as whether you are a good candidate or not for a mortgage.

Hope this helps and good luck

Don’t buy more home than you can easily afford–don’t overextend yourself.
Go to local bank and get pre-approved so you know what you can get a loan for. Depends on your other debt, your credit rating, your income, your down payment.
Need 3-5% down payment and 10% is better. Need good credit.