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eternitywife
LIF Infant
Member since 1/10 164 total posts
Name:
Janna
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looking to get a home, unrealistic?
DH and I looked at some of the prices in the area, and realized that between our rent and storage units, we could get a home, and the mortgage, tax and insurance would be less than we pay.
The kicker, I have a lot of student loan debt, as I am just finishing my degree (like, over 200k). I have a stable job, been working for 2 years with the same law firm, and DH was just hired as a contractor for the FDA.
Are we unrealistic in thinking we will be able to get a house?
Also, any recommendations on areas?
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Posted 10/18/10 3:47 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: looking to get a home, unrealistic?
no one on here can answer that question
your best starting place is to speak to a loan officer who will take your income, debt and other factors in and tell you if you can buy a house or not
I would start were you bank for now
you will need 3.5% to put down and closing costs
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| Posted 10/18/10 3:52 PM |
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eternitywife
LIF Infant
Member since 1/10 164 total posts
Name:
Janna
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Re: looking to get a home, unrealistic?
that we have, and are working on grants.
I was more interested in if anyone else was in a similar situation and still was able to get a mortgage
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| Posted 10/18/10 3:54 PM |
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BABYblues2010
LIF Infant
Member since 7/10 193 total posts
Name:
Meghan
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Re: looking to get a home, unrealistic?
My husband and I purchased a home, we had upwards of 130k student loan dept . We did it!! Good luck!
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| Posted 10/18/10 3:59 PM |
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BabysMomma29
Due with Baby #2!
Member since 10/08 2004 total posts
Name:
Tricia aka MattandTricia07
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Re: looking to get a home, unrealistic?
One of our friends has a lot of student loan debt and was able to buy his first house last year. From what I understand though, the debt to income ratio wasn't favorable and his mom had to co-sign.
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| Posted 10/18/10 7:49 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: looking to get a home, unrealistic?
your monthly student loan payment will play a role in how much you will be approved for.
take you monthly gross salary and *.36 - that is the amount that your mortgage, insurance, taxes and all monthly debts (Student loans, CCs, etc) should be under.
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| Posted 10/18/10 8:37 PM |
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