Thursday, April 21, 2016

Can I get a 30 year mortage on a 100,000 house if I make 1,000 a month?


Lets say I have a very limited income. Need a cheap place to live for now.
And if I ever make more can I pay it off faster?
And when I'm done using it I could rent it out to pay the rest of the mortgage if needed?
Added (1). how about 70,000? I found a livable looking place that's that price. I don't really spend that much beyond utilities. Only about 200-300 a month. So I don't know why I'd need 3x the income.
Added (2). ok, what about a piece of land that's 35,000? It says on the real estate site its hooked up to utilities. I could buy a used travel trailer for like 3,000 and somehow connect it. Use that until I can afford one of those manufactured homes. Would that work?

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