How hard is it to get a 60-80,000 mortgage?

I want to buy my first home. How hard is it to get a 60,000 to 80,000 mortgage with absolute NO credit. I live in NY if that helps and have held a steady job for over 2 years making 36,000 a year.How hard is it to get a 60-80,000 mortgage?
The only person to approve you is a banker so why not start there by filling out a pre approval application??? In the mean while consider applying for some kind of credit... even a secured credit card. Do not consider applying for credit and going into debt just to build your credit... you'd be asking for trouble. Any reputable banker or mortgage broker can help you know your chances of qualifying for a mortgage now or what you need to do for the future. Word of warning... whatever amount of loan you qualify for doesn't mean that's what you should shop for. You should not consider spending more than 35% of your income (take home) for housing. Also realize your mortgage payment will include taxes, insurance, pmi and other costs. You will be paying more expenses buying than renting... water/sewer, larger space, trash collection, etc. Make sure you are not a foreclosure waiting to happen and steer clear of any mortgage that is not a fixed rate.How hard is it to get a 60-80,000 mortgage?
Don't understand how you have no credit. No cards, bank accounts, no loans, etc ?





Go to dinkytown.net and play with the financial calculators there.





Take into account, property taxes, insurance, utilities and maintenance costs when determining whether or not you can afford to own a home. Its not for everybody. You don't want to be cash poor each month, barely making ends meet.





Forget the notion about making a killing and walking away with a lot of cash when you sell your home. See above. These costs will eat up your perceived ';profit';. The best you can hope for is after any period of time you can live somewhere (in the house) for free or cheaper than an apartment. Buy it to die in it and give it to your kids.





Is that 36,000 before or after taxes ? What did you earn on your last Tax return after taxes ? The lender will want to see 2 years of tax returns and 6 months of pay stubs.
If you have the 20% down payment then you might get a mortgage.


No down payment, then no mortgage