Shooting for 2010: Are my on the right track?

[Anonymous]

Hey guys,

Read these forums often but never posted. So, this is my story:

I graduated in the summer of 08, and have been employed as a RN for the past 7 months. My yearly income for 2009 will be between 75-85k/yr. My 4 years of nursing school will be counted as time on the job, right? Anyway, my credit is 709. I have 17k (200/monthly) in student loans and about 3k credit cards (will pay these off in about 2-3 months). I don't have much of a down payment now (only about 4k available), but hope to save about 8-10k by end of year for that purpose. I pay 900 in rent, ride the bus (so no car payments).

By the way, I live in Los Angeles. I have seen some cheap homes in the valley for about 300-350k, although they might need some work. I really want to get a home, but want to be wise about it. Do you guys think I should wait longer? By the way I am single, no kids and 24 years old. I am also planning on going back to school part-time to earn my masters in the fall of 2009.

The plan would be to get a 3bed home and rent the 2 bedrooms.

Thank you.

[Anonymous]

 Me again! Forgot to add. I have 3 cc's with a total of 8500 limit. I have 3k balance between two, and one with no balance.

Advice welcome...

[Anonymous]

81 views and still no answer? wow!

[Anonymous]

Assuming a 30-year fixed FHA loan for $300k, 6% interest rate, 3.5% downpayment = $10,500

Monthly payment = principal & interest (1758)+  mip (133) + property taxes (313) + possible hoa(~200)+ homeowners insurance (50)

=~2450/month.

 don't forget closing costs, pre-paid estimates, and upfront mortgage insurance premium (~5k). AND it would be wise to have 6 months living expenses saved up for an emergency fund. Try saving an additional $1500/month (2400-your rent of 900) to see if you can handle it for 6 months.

All these numbers are from my friend. Can't answer what interest rate you'll likely get, which would alter these numbers.  

[Anonymous]

btw...i estimated $50 for homeowners insurance, it's different for everyone, depending on the kind of coverage you want.

[Anonymous]

Thank you ellenmae. I did not think to put those numbers together. All I thought about was mortgage payment and utilities. I think saving the presumed monthly mortgage payments is a great suggestion, I'll try doing that.

Anyone else? Can I use my school time as time on the job?