Even if you could get the loan... Lets say you buy a condo for 350K at 6.5. Your payment would be $2,212.24 plus an est of 291.67 for taxes, and $100 for HOA = $2,603.91
You make $40,000 per year... 40k/12 = $3333.33 before taxes - PITI of $2,603.91 = $729.42 but keep in mind that the $3333 is before tax so that $729.42 won't be there.
This is just my option... It's great to have roommates but some day they are going to move out and maybe you can find someone else. What if you can't?
Just remember no matter what you do it's your credit! You will learn one way or the other. Good Luck!
undorf wrote:
Im 24 I have 17000 in credit, line of credit/credit cards I've had a line of credit for 4/5 years (cant remember) I had my credit cards canceled due to identity theft so I haven't had a credit card for 3 years and just recently got 2 a few month ago. my credit score was 790 in December 06 and 763 in May 07 I think due to my new credit cards. I only make 40k a year. I want to buy a condo thats 350k I have 2 roommates/renters lined up I have some saving just in case something/someone falls through What interest rate would I be looking at for a 30yr somebody make my day and say 3% I don't even know if I would be approved based on my income. I'm new to all this so please be gentle.
Message Edited by OneMortgageGuy on
08-27-2007 02:08 PM
