Is it possible to qualify for a home loan when my income is not that high?

I am really interested in buying a 2 bedroom condo/townhouse in ca pennisula. The problem is 2 bedroom condos in my area are listing at about $350K. My credit score is 718. I have aprox $30k to put as a down payment. My monthly income is $4505 and I have practically no debt. (about $300 on my credit cards).

I realize that my monthly payment would end being about 50% of my income. I am planning on getting a roomate to help with monthly payments but am single and would be applying for a loan by myself. Is there a way to qualify for a loan without a cosigner/coborrower.

Is it possible to qualify for a home loan when my income is not that high?

Loan qualification is based on two factors: your credit score, and your debt-to-income ratio.

If your credit score is low (below 600), you can pretty much forget it. If its mid-range, (600-680), I would take the time to build it to 700 to lock it in. Since yours is 718, you're pretty clear.

On a home with a pricetag that high, you can expect to pay at least 1500 dollars a month on a mortgage. A bank will NOT take into consideration the fact you're getting a roommate, for the record.

The best thing you can do is just try. There are never any guarantees in this market. Were you in my area, you'd have a high chance at a mortgage, but I don't know a thing about california. All it takes is a 15 minute sit-down with a mortgage officer to get you a written letter for how much you qualify for, and then you can look for homes starting there.

Good luck!

Is it possible to qualify for a home loan when my income is not that high?

as my knowledge its hard for you to get it.coz your income is not enough to get a loan.you can get it clearly done if you go to a bank and ask

Is it possible to qualify for a home loan when my income is not that high?

Yes you can qualify for some programs and even get A-paper conforming rates. See a licensed broker and explore the options, you should have several with the information you have given.

Good luck

Is it possible to qualify for a home loan when my income is not that high?

Probably not going to happen - your income isn't high enough to qualify for that kind of mortgage, even though your credit is good. Any chance you could find something less expensive?

Is it possible to qualify for a home loan when my income is not that high?

no. a larger downpayment would be needed.

Is it possible to qualify for a home loan when my income is not that high?

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Is it possible to qualify for a home loan when my income is not that high?

With your credit score, you can get a great rate but probably not for a property that high with that income.