Can I qualify for a mortgage and does it make sense to buy a condo now?

[dp321]

I am a recent college grad and going into graduate school for about two years in the same school I went for undergrad.

I will have a steady $24,000 gross income once I start my graduate research possition and I am think if buying a condo now makes sense or if I can even qualify for a mortgage to buying it.

My credit is good as shown in sig but it's awfully short - just over 2 year.

I have been going to school full time in the past four years and had no long term employment. (so it seems I am SOL on the FH! 6 months requirement or the 2 years prior, but I am recent grad should make a good case?)

The area is in Atlanta.

The condos I look for are around $80,000 - $85,000. I should be able to put down at least 20%.

Car is paid for, credit cards are PIF monthly. I have no student loan. Only real obligations are school fees of maybe $3000 a year of school fees and Christmas gift (JK on that last one). HOA is rather hefty at $200-$300

Now reasons to why I do and don't think I should buy... I know I know this is a credit board, but let me just say it.

As the condo price is continuing dropping in the area, buying now and selling at graduation in 2 years - even if I manage to sell at the same price, i will be losing about $16,000 on property tax($2000/yr), OHA fees($3000/yr), interest paid on loan($5000 paid assuming 4.5% and 30 yr), and mortgage insurance(no idea, 1% of home value?). Granted my rent assessed at about $800 will be about $19,200. So I am not really gaining a huge deal, most likely breaking even or losing. Besides condos don't age well is what I heard. If I planned to rent it out, the rent should cover the out of pocket expense with maybe $200 left, but I plan to give this amount to the relative managing it. So should I consider this buying move? I feel like it will make more sense to buy it outright if I plan to keep it or not after graduation. Please experts on this forum, give me some credit and lift advices.

[ShanetheMortgageMan]

Seems like the payment would be a bit much of your gross monthly income - I'd only do it if you are assured to have a paying roommate the entire time as that should cut your portion down to maybe just $400-500/mo.  I'd like the idea better if buying the home would have a monthly payment less than what you could rent it out for later, who knows perhaps in 2 years rents will be higher now, if you buy in an area near a university there should be a steady stream of renters from parents who have money who you can rent to - I know when my wife was going to UCLA the rent in Westwood was about 30% higher than the other surrounding areas due to how many kids needed to live right across from campus.  The qualifying payment would be a bit high for your income as well - about 44% - may have to look for a slightly lower total payment of $800 (which if the HOA is on the $200/mo side it would be).