Can I buy a home if i only earn $23k a year?

I am a 25 year old single mother and have always planned on ';someday'; buying a home. I make around 23k a year and going by those mortage calculators online, the amount of loan I would qualify for wouldnt even buy me a decent mobile home!! Recently, my grandpa shocked me by telling me he would help me get my not-so-great credit fixed up and see if he could also help me get a house. I'm not sure how much he will help, but says he has some money saved to help me. Also, a friend of mine who made less than I do bought a house for $112k (brand new HUD home) through various government loans. Should I just forget about buying a home or what? I do have a stable job with steady income and have had no problems paying my rent. Any advice?Can I buy a home if i only earn $23k a year?
that depends on the price of your home, and how much you can save a month pt pay the mortgage



talk to your grandpa to see how much he can help u towards the purchaseCan I buy a home if i only earn $23k a year?
Yep
qualifying and being able to pay are two different things. How will you feel if you LOSE your home because you cannot pay the mortgage? rent for now, pay off your bills, and think of ways to earn more income.
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To be honest, this sounds like a really bad idea given your situation. Your eyes are bigger than your paycheck, that's why your credit is in poor shape.



Keep working, pay your bills on time and get out of debt. After you eliminate your debt, store away an emergency fund of three to six months of expenses. Build a good down payment.



Never, never, never agree to a mortgage that is anything other than a fixed rate, in which the monthly payment (interest+principle+taxes+insurance) is less than 25 percent of your monthly take home pay.



Millions have ignored this advice and their American dream has become an American nightmare within the last two years.
Look up the website for HUD.GOV (housing and urban development ) as well as the department of housing for your state and city/county. See if there are any first time homebuyer programs that you can participate in. They teach you all the steps involved in buying a house, and often, once you graduate from these programs, you qualify for downpayment assistance and a discounted mortgage. It is how I bought my first house for almost 20% off. The mortgage credit certificate is an especially good one to find.



good luck.
I remember several years ago when times were easier a person where I worked tried to buy a home and earned $35,000 a year and they were turned down. Why not learn first to budget and once you've done that you can make a list of what things would cost you to buy and to live in a home (you'll see at that time that you can't make it). Sure lots of people got into homes they couldnt accord and now they're all in trouble. And that's what started this bad economy, companies giving out bad loans that they knew people couldn't afford. Here's a rule of thunk to know that you can afford a house and that's for instance if you earn $23,000 then all you can afford is a home worth $23,000....but there aren't any homes out there in decent places today for $23,000.