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Thanks in advance for the answers.
General inquiry of if/how much would I qualify for.
Current plan is to rent for another year saving a bigger down payment, then purchase in 2016. I'd like a house but in the area I'm looking it seems you have to spend about $300k to get what I would want. Also, with rent going up again I'm wondering if I should try to purchase a townhouse for less sooner. Live in it for a year or two then turn it into a rental property. (Rent is $1500)
Main concern is the 2011 auto negative, it's not settled even though it shows a $0 balance. Will I need to settle this before applying for a mortage? Or could I qualify before. Also, do I need to get more time in at my current job since it is so new.
is current job in the same field as previous job?
where did u get those scores from?
because your new job is the same field your good to go as far as your job is concerned
how much do u have to put down?
taxes and insurance in your area?
-They are all from myFICO - Mortgage versions
-~$10k now, double that in a year
-Not sure on taxes and insurance
without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now
@sports1965 wrote:without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now
I wouldn't necessarily say no chance. 300k will put your backend debt-to-income ratio really tight, but you could probably get close... especially with an FHA loan. The monthly student loan payment is hurting you the most. Can you restructure your student debts into a graduated repayment plan to lower your monthly student loan payment?
@Anonymous wrote:
@sports1965 wrote:without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now
I wouldn't necessarily say no chance. 300k will put your backend debt-to-income ratio really tight, but you could probably get close... especially with an FHA loan. The monthly student loan payment is hurting you the most. Can you restructure your student debts into a graduated repayment plan to lower your monthly student loan payment?
Ok, I'm not trying to get a 300k mortage right now. Sure a year isn't that long, but my credit will be better, income will be higher, down payment will be much larger and I might have a 2nd income to add. I'm asking now to see if I should set my sights on a townhouse or a house and what price range I would qualify for.
Edit: dpeezy - I just heard that there might be options to refi my student loans (sofi), haven't looked at them yet though. And there are things I could do to lower my monthy payments (pay off small SL or pay off car) if necassary in the next year.
Remember, income is averaged over previous two years so it may not bring up your qualifying income as much as you'd think. And yes, you could pay one of those off, but it would take a huge chunk of your savings. If you restructure you SLs you could free up several hundred dollars in monthly debt at no cost. But that is a decision only you can make. And townhouse vs. SFR... I will always lean towards SFR. Easier to resell and no nasty HOAs. But again, it's all based on what you prefer.