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Hi everyone,
Before I continue my dream of getting a new house in aug-sept of this year, I figured I'd see if anyone thought it possible.
Right now my fiance is in grad school for his master's and I have a job that pays just over $50k a year. However, I've only held the job since May, 2008 and before that I was also a grad student.
We are planning on going into phd programs in August, 2009 and thus our "job" will be as research assistants or similar. My current job will be gone, as I'll be quitting at the end of July to start school. An income could be between $20-36k a year before taxes...it depends as I don't know where we'll be going yet.
We have about $15k available for a downpayment so I've been thinking of getting a place that is $75K or under, so we can put down the full 20% and skip a PMI. We'll still have about $10k in savings, if that matters to them.
My credit scores are 733, 756, 785 and I assume they will go up once I pay off large chunk of my student loans at the end of next month and remove myself from my mother's credit card that has high utilization and one 30 day late payment. His are probably around the same, but he has no debt and I'll still have about $15k in debt.
So, we'll be able to put down a fairly large down payment and we have high scores...but our "income" doesn't have a large history and we'll be students (but not dependents, we'll be married by then)...
what are our chances of getting a mortage and at a good rate?
Thanks!
I think the job situation may not cut it for a mortgage. It requires a steady and dependable income, which is very questionable.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.