I currently am looking to purchase my first home next year. My current lease is up in June, so I have until the end of that month to move out. I have cleaned up my credit quite a bit and paid down most of my credit card debts. The little I have left will be paid by the end of the year. Additionally my car loan is about $5k and I plan to pay that off with some holiday overtime pay/bonuses/tax refunds by the latest March. Last thing is a pretty hefty amount of student loan debt. I have about $20k in private, but about $60k in federal. It is all currently deferred and I will be done with school in October 2012. I pay some here and there, but when I am done paying off the car, I can start directing that money to the private loans first and make arrangement for minimum payment to my federal loans.
I have been at my current job at a bank for 3 and a half years, make about $34-36K. I am in grad school for my MPA and also have an unpaid internship with a housing authority (which is related to my education field). I have only been at the internship for a month, but they have already discussed with me the possibility of full time work at the beginning of the year. They applied for a federal grant funding to cover a years salary for a coordinator position and would like me to do it if they get the funding. I am estatic to jump on this opportunity because its in my field, which is increasingly difficult to get into, and because it will pay upwards toward $50k.
Will banks be scared off if I have just switched jobs, and if it is only guranteed for a year? Thoughts? Advice?
Current Debt Management:
$15k Trinity Financial Management (scheduled pay off late 2021)
$10k NFCU
$350/mth Bridgecrest Auto Loan
Goals: Pay off credit card debt & buy a new home before end of 2020
Long Term Debt:
Fed Loans - $150k
Navient - $100k
Taking a "if God don't do it, it won't get done..." approach to paying these off.
