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I need to purchase a home, are the mortgadge caculators accurate?

I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I’m a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.

Not possible! 50 year, zero down, 7% with damaged credit? Not even last year when they were giving money away like chicklets. Save your money for a down payment and fix your credit. Plain and simple. don’t believe anything else … you are not ready to own a house yet.

Ohh, and besides, $33,000 per year cannot possibly qualify for (nor afford even if by some creative program you could qualify) a $1780 payment.

The industry needs a bit of tough love these days.

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