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Low Income - Mortgage Possibility?
post Jul 2 2017, 06:11 AM
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This post is for a friend. He is a local restaurant owner in NJ and unfortunately his turn over is pretty low. More often than not, the restaurant sales are below par, though not at loss and could just make enough to live. His wife is a teacher and she has a little better income, though not by much. He doesn't own a house currently and no outstanding loans or mortgages. He is thinking about buying a house now would like to get a mortgage. He is visibly little worried as I heard somewhere that people with varying income may not get a mortgage. We use to discuss our financial problems and this came up. He asked me if I could get him some advice from somewhere. So can someone help me with any piece of advice that I can pass to him? Will his wife’s income help him in this circumstance? What can he do in this situation? Should he even bother to contact a financial service provider? Even if he gets a loan, will the interest rate will be very high for him to pay off the amount? Any advice will be very helpful.
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