Question

Can I get a house paying $500 a month or less with a credit score of 570 I make about $24k a year.?

How much of a down payment I need.
Oh I live in Atlanta Ga and I also can use my VA loan I'm a vet. I know paying $500 a month for 30 yrs is around $180,000, so I should be able to get up to that with no problems right, since I've been paying $500 rent for my apartment for 6yrs already now

6 years ago - 6 answers

Best Answer

Chosen by Asker

Sure, buy a house for $53,278. Your income and credit score may qualify for FHA. Speak with a broker.

Your principle and interest would be $350, (6.875% 30 year fixed) figure $150 for Tax, insurance and PMI and you are at $500

This is just an estimate and not an offer to lend.


Response to additional information:
With all due respect, if you do not understand interest you are not ready to own a house.
$500/month for 30 years pays back $180,000 at 0.0% interest rate, with no taxes, no home owners insurance or the required VA funding fee. You seriously need to do some research before you buy a home!

Source(s):

6 years ago

Other Answers

since you didnt already know this, you need to know how much is the house you are going to buy, after that, you can calculate it, if i was you, id live in my mothers basement

by Mandeep - 6 years ago

Hopefully you don't live in California because here the answer is a definite no.

by Pocahontas - 6 years ago

A mortgage payment of $500 per month will get you a loan of $71,500 at 7.5% interest (typical for bad credit). Does not include property taxes as noted above me.

by AM-NM centaur - 6 years ago

GVD has said it all. You have to allow for taxes and insurance. Also check with your city, sometimes they have programs for moderate income people and help with the down payment. As long as you live in the house, you do not have to pay the amount back. You can buy with no money down but then you will have to pay mortgage insurance unless you pay 20% down. Now is the time to buy, it's typically a buyer's market and the interest rates are low.

by misplacedmother - 6 years ago

Your credit score is on the lower side and usually you will be charged a higher interest rate to get a loan because of that. Normally you will be looking at a place that sells for about $70,000 but with the higher interest you will be charged it will more likely be around $60,000 to $65,000. Most houses like that are only found if you were in some rather isolated area of the country in the boondocks. There are some condos that are in that price range in smaller towns but they come with an association fee that will add to your payment and probably knock you out of the market. You best chance is probably a mobile home on a 8 point or full foundation where you also own the land, that is less than 10 years old. Some have a small association fee but again these would be away from bigger cities. Usually you need 10% down at a minimum. The other option is to find an owner who will let you lease to own the property. This is where you are living in the property and paying monthly payments on a contract lease but you get credit for some of those payments towards buying the property. You need to have an attorney make sure your lease option is a good one to protect yourself. if you cannot find something now just keep saving up till you have more money and build up your credit to get a better score.

by Ernesto - 6 years ago