If i earn 20k how much is the maximum i can borrow from a mortgage company?
i want to buy a place preferably summer next year in brighton. see i probably will be on abit more money then but just out of interest if im putting down a deposit of 20k would i be able to afford anything??i dont want a studio tho!!! sorry im from Brighton UK so 20k sterling which is about 40k dollars i think?
Asked By: DSY - 1/13/2008
Best Answer - Chosen by Asker
That is less then minimum wage, so you might want to think about getting a better paying, full time job. You are not likely to qualify for very much, simply because you can't pay it and eat too.
Answered By: Landlord - 1/13/2008
Additional Answers (5)
Probably not very much. Mortgage companies usually want your monthly home payments to be less than 28% of your gross income. If you earn 20k annually, that's $1,667 per month. 28% of that is $466.67. That's not very much, so I hope that property is very cheap in your area. They'll also look at your other debts, so the... More
Answered By: The Shadow - 1/13/2008
u need to talk with a reputable mortgage officer at a local bank, if u have 20k to put down that is a sizeable down payment, however, making 20k a year is lite on income, and it will depend on what your current revolving and installment payments are, rule of thumb is no more than 45% of your monthly gross pay can go... More
Answered By: donald e - 1/13/2008
Hi DSY, It all depends on your financial situation and what city you have in mind. Your salary may not be enough. Meet with three lenders and compare interest rate, cost, and fees. Be realistic as to what you really can afford.
Answered By: NevadaHomes - 1/13/2008
since u do not say where u want to buy a valid answer is hard... More
Answered By: robert w - 1/13/2008
What you have to take into account is your whole financial picture. Credit score is highest on the list, then credit history, then income. If you don't have a high credit score, 700+ you may have a difficult time borrowing money. As for your income level, not much. Maybe a mobile home. LOL
Answered By: alterfemego - 1/13/2008
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
New job opportunities added daily. Search Virginia jobs now!
Legitimate Survey for Cash.Extra Money for You,Join Here!
Shop Online or Sign Up To Sell AVON & Earn Fast Cash Today!
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.