Hi All and thanks for your help!
I am 23, currently a 1st year teacher in CT fresh out of college in my first job. I have a Master's and about $11,000 in student loans.
I am interested in buying a small home this summer. I'm hoping to buy somewhere under $200k.
I have great credit. Never made a late payment in my life. All utilities for a home have been in my name for over 2 years. No debt other than the student loans. I only have one credit card, however, and I use it rarely and for never more than about $100, which I pay in full at the end of every month.
Will I be able to get a decent mortgage for that amount? Being a first-time homebuyer? I will have a down payment of about $20,000 I believe. I can also, should it be necessary, have a member of my family with great credit history co-sign the loan.
What should I be doing? Advice? Is this feasible?
Thanks so much, I'd love to chat with someone who knows a lot about homebuying. Please feel free to email me!
2007-09-09 07:49:56 · 6 answers · asked by Elizabeth S 2 in Business & Finance ➔ Renting & Real Estate
I also wanted to add, and I don't know if it makes a difference to a bank or not, that I plan to rent bedrooms to two people, which will add a significant amount to my income each month.
2007-09-09 07:53:11 · update #1
Sorry- I make $47,855 this year, and will make $51,500 next year.
2007-09-09 07:58:17 · update #2
You should have NO problem depending on your income. DO NOT mention the rental aspect to the lender.
Watch out with whom you talk to that responds to the "email" me you will get scum contacting you.
Go to a local Lender and talk with them not someone from here.
2007-09-09 07:57:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Nice rental idea but several issues. If you put down $20k on a $200k place, you'll need PMI (personal mortgage insurance). Then the rentals will require a significant and costly insurance policy to cover both them and you. I'd seriously re-think this plan. Yo're going to have to provide ironclad proof that you have the cash flow to service the mortgage debt, taxes and other expenses with current lending pressures.
2007-09-09 07:57:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Please, don't go to those that will inevitably contact you offering to "help you get a mortgage" or that will post in here that if you email them, they will get you the best deal. It is also wise to avoid internet lenders.
You are in a great position to buy. Talk to some local lenders in your area to get an idea of how much you can afford. Compare much more than interest rate.
Good luck!
2007-09-09 08:19:29 · answer #3 · answered by godged 7 · 1⤊ 0⤋
From all that you say, you should be able to get a mortgage without too much trouble. it would be a good idea to talk to someone at your bank about getting prequalified - they'll look at your situation and give you a pretty good idea of how much of a mortgage you can get.
Good luck.
2007-09-09 08:04:24 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Check out http://www.mortgagefigure.com lots of information about mortgages, refiniancing, consolidation, bad credit mortgages and more.
2007-09-12 06:50:56 · answer #5 · answered by sideline2084 4 · 0⤊ 0⤋
You don't provide enough financial information for someone on this board to give you a decent answer.
2007-09-09 07:57:00 · answer #6 · answered by Jack 2 · 0⤊ 1⤋