Quote:
Originally Posted by FoolFromAZ
I thought we could get 3 bedroom house for 120K these days. That would bring my monthly mortgage payment to less than $1000 and my wife is making 55K so she should be able to get loan for that amount.
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In this market you are going to need a down payment to get into a mortgage. On a $120K mortgage you are going to need a 3-20% down payment. While your wife MAY qualify it is VERY hard to get a mortgage. Even the most qualified individuals are having a difficult time.