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Bite the bullet???

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aussiesareforever
Established Contributor

Bite the bullet???

Wanted to get other people's opinion about potentially buying a house- as a first time home buyer.

 

I got a wonderful opportunity to relocate to a much bigger city and I've been debating buying a home in the next 3 months. I know...scary. I don't have an actual house in mind, I saw a few while I went out to interview and I've been looking online. This new city is not too far away from where I live currently so I can make a few trips to go house hunting. I am primarily interested in new construction houses.

 

I haven't checked my scores in a while but the scores I have are in my signature. They might be slightly lower now since I took advantage of two 0% interest offers on my CareCredit card and the Apple Financing card. I can pay those off to $0 before the actual mortgage application though.

 

I may only have about $3000 for a downpayment but my parents will gift me the rest of my funds. I owe about $80,000 in student loans, about $4000 on a car loan (which could also be entirely paid off by the time of application). I filed BK in 2008 but have maintained a clean CR since then. I only have one pre-BK negative account still reporting. Income will be about $100,000 with the new job- which is pretty much what I make right now. I've worked in this field for almost 2 years. Looking to spend not more than $200,000 on the house.

 

Thoughts? I feel like I should take advantage of the work paid moving expenses and move straight to my house. Instead of moving again in a year. But some people may feel it is prudent to wait. I'm itching to buy and I know I would love my new job (same line of job, primarily just moving to a much funner city!!!!)


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
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1 REPLY 1
JM-AM
Valued Contributor

Re: Bite the bullet???


@aussiesareforever wrote:

Wanted to get other people's opinion about potentially buying a house- as a first time home buyer.

 

I got a wonderful opportunity to relocate to a much bigger city and I've been debating buying a home in the next 3 months. I know...scary. I don't have an actual house in mind, I saw a few while I went out to interview and I've been looking online. This new city is not too far away from where I live currently so I can make a few trips to go house hunting. I am primarily interested in new construction houses.

 

I haven't checked my scores in a while but the scores I have are in my signature. They might be slightly lower now since I took advantage of two 0% interest offers on my CareCredit card and the Apple Financing card. I can pay those off to $0 before the actual mortgage application though.

 

I may only have about $3000 for a downpayment but my parents will gift me the rest of my funds. I owe about $80,000 in student loans, about $4000 on a car loan (which could also be entirely paid off by the time of application). I filed BK in 2008 but have maintained a clean CR since then. I only have one pre-BK negative account still reporting. Income will be about $100,000 with the new job- which is pretty much what I make right now. I've worked in this field for almost 2 years. Looking to spend not more than $200,000 on the house.

 

Thoughts? I feel like I should take advantage of the work paid moving expenses and move straight to my house. Instead of moving again in a year. But some people may feel it is prudent to wait. I'm itching to buy and I know I would love my new job (same line of job, primarily just moving to a much funner city!!!!)


In my opinion I do not see any major set backs for approval. The only thing I can see that may cause you a small hurdle is your employment since it is not a full 2 years. But if the change in job and type of work was because you finished school and working in your field of study then wouldn't be an issue at all.

Good Luck
May all your dreams and wishes become a reality!
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