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Hi,
I would like to buy a house in July 2011. I know that seems like a long time away but I have alot of inquiries on my reports from my app crazy days last year and they won't drop off until November 2010. I also should have all my credit card debt paid off by then. Actually, I will have all debt paid off by July 2010 but here is my problem.
I recently graduated from grad school with $130,000 in debt for both undergrad and grad school. Unfortunately, due to the economy I was unable to find a job in the area I got my grad degree in and am working somewhere else. I also do not have a high income right now. I anticipate making $40,000 next year as an annual salary.
If I have no other debt on my reports asides from the $130,00 in student loans, will I be able to get a mortgage for a $125,000 home?
I will have saved up the 3.5% deposit by then.
Or am I doomed from ever owning a home because I owe so much in loans and don't have a high income?
I am looking at houses between $100,000 - $125,000.
My monthly student loan payments are currently deferred due to my job but it looks like they will be about $1,000 a month. However, I have been told that I can change the repayment to one that is income contingent, so I think that maybe I could go to $500 a month in repayments as my wages aren't high.
My other bills are $50 cell phone bill, $140 car insurance payment. I will have no credit card balances to pay when I apply for the mortgage.
Will I be able to qualify for anything with stupid loans so high and income so little?
Btw, my mom will be living with me in the house and helping to pay the mortgage, however, she cannot be a cosigner on the loan as she just foreclosed on a home last year. Is there anyway I can include her income to mine to qualify without having to use her credit which will not be helpful?
My understanding is that if they consider her income, they also have to consider her credit history. Not good...but it looks as if from what Shane said that you will likely be able to qualify without your mom's income.
@Bella1980 wrote:I am looking at houses between $100,000 - $125,000.
My monthly student loan payments are currently deferred due to my job but it looks like they will be about $1,000 a month. However, I have been told that I can change the repayment to one that is income contingent, so I think that maybe I could go to $500 a month in repayments as my wages aren't high.
My other bills are $50 cell phone bill, $140 car insurance payment. I will have no credit card balances to pay when I apply for the mortgage.
Will I be able to qualify for anything with stupid loans so high and income so little?
Btw, my mom will be living with me in the house and helping to pay the mortgage, however, she cannot be a cosigner on the loan as she just foreclosed on a home last year. Is there anyway I can include her income to mine to qualify without having to use her credit which will not be helpful?