Can I afford and buy a house?

**MAD King** · 09-18-2011, 09:44 AM

Hello,

Please apologize if this questions seem a little bit odd, but I don't know how else I should get a knowledgable answer.
I make around $35000 a year gross and don't have any debts or payments to make, but I have only $5000 down payments. I am wondering if I would be able to find a bank which would finance a house between $70000 and $80000 and what my total monthly payment would be. I live in Tennessee/Davidson county.

Thank you for every advice.

**Greg** · 09-18-2011, 11:10 AM

Talk to some local lenders in the area you want to buy in. You might qualify for an FHA loan which might work with the money you have.

If it looks like you can do it ask the lender about the restrictions on the property before you go out looking.

Next find a real estate agent who knows about FHA deals so they can show you the right houses.

**MAD King** · 09-18-2011, 11:53 AM

Thank you. I will do that.

**markbrian** · 09-18-2011, 12:46 PM

Also try to find a lender that will do a USDA loan, if you are willing to live far enough out of metro Nashville, you may be able to use USDA financing. I agree with Greg that a local lender is the best place to start. Good luck and best wishes!