My husband and I graduating from college in December and we are wanting to buy a house by Feb. We currently live in an apt. on campus and they give us 90 days to move out after graduation. Would we be able to buy a house?
We both will be staying with our same companies (JPMorgan Chase, and I work for a local hospital system). Since we plan on staying with our current companies, how long would we have to be making our new salaries? We’ve talked with a lender and she said that they would accept letters from our companies that show our new salaries and we could buy in Dec. without having to wait. I have good credit and my husband has excellent credit. Our credit consists of credit cards (AMEX, Mastercard, and a few store cards), one auto loan (we had another, but we paid it off early) and a good amount of student loans that our parents co-signed for us. After graduation, we will be making at least $85,000 combined.. my income varies (I will be a RN). We want to spend 140k with 4k down.
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Where are you looking to live?
85k is a very respectable amount for newly graduated students.
I’d suggest you try to obtain a pre-approval, that’ll get you moving in the right direction.
Be warned though that a lot of lenders are looking for you to come up with a 20% down pay, or $28k in this case.
If you’ve got good FICOs, you’ll be in good shape.
Check your credit reports before you go into the bank (Transunion, Equifax, Experian) as this amy save you a head ache or two.
Since everytime someone checks your credit your Credit Score is decrease by 3-7 points for 90 days, I suggest that you ask the first guy who runs a loan check for you to also tell you what your credit score is. Then just tell the other banks you talk to what your score is instead of them running it and lowering your score again.
a lot of people will say have atleast 6 months worth of living expensives in the bank before you buy but my hubby and i bought a house a year ago and had nothing of the sort saved and we did not put anything down all we had to do was pay closing cost and that was about 4500 or so but definatly read up on it b/c it is possible but make sure your lender tells you what you can afford not what your qualify for b/c we qualified for over 300 but we could only afford up to 180 so make sure your lender works with you best of luck and read up on the whole process first
I made 65K out of college and was able to buy a home for 225K with 10K down so I don’t see why you couldn’t. Make sure your loan goes in your husbands name since it may probably save you a lot of money by lowering the interest rate. I would really recommend trying to save up some more down payment by renting for a 6 month period beforehand, but if you really want to get a house you could do it.
No new cards, no big purchases, keep doing what you are doing and save save save for a bigger down payment. Less than 3% isn’t much, so do what you can. Hopefully the mortgage mess will be cleaned up a bit by the time you are ready to purchase and 100% financing will be available.
Your lender is correct. Do you have any money saved up? Being a home owner is a big commitment. You don’t want to be “house-poor”.
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