Posted on: 13th Sep, 2008 10:57 pm
Hi there. Gal and I are really liking a house nearby. Possible? Here's where we stand.
House: $145k.
Through luck and scrimp, we've got $50k+ saved up. Could probably push it to near $70, but then we'd have no reserve at all.
However, we're both grad students, finishing up (hopefully this fall, possibly into the spring for her). My current grad student job wants to hire me full time once I'm done (90% chance they can do it).
Last year, just as grad research assistants, we grossed just a hair over $40k (mostly because there were 27 pay periods in the year).
Between us, student loan payments are going to be $375 a month, starting whenever we stop going to school. No credit card, no car payments, darned fine credit ratings.
I'm sure we could have swung it two years ago. But, today, are loan officers going to be wary of less-than-fulltime employment like "GRA"?
House: $145k.
Through luck and scrimp, we've got $50k+ saved up. Could probably push it to near $70, but then we'd have no reserve at all.
However, we're both grad students, finishing up (hopefully this fall, possibly into the spring for her). My current grad student job wants to hire me full time once I'm done (90% chance they can do it).
Last year, just as grad research assistants, we grossed just a hair over $40k (mostly because there were 27 pay periods in the year).
Between us, student loan payments are going to be $375 a month, starting whenever we stop going to school. No credit card, no car payments, darned fine credit ratings.
I'm sure we could have swung it two years ago. But, today, are loan officers going to be wary of less-than-fulltime employment like "GRA"?
Just ran some quick numbers. Based on what you provided, and using average formulas for the tax and insurance escrows, with an FHA loan you would qualify for a pymt of about $991.
Based on a sales price of $145k, you would need to put down about $30k. If you wanted a lower pymt, you could put down more. You will need to have full time employment, or a two year history of part time income to qualify.
Your best bet is to get with a loan officer and let hem pre-qualfy you for sure, but from what you have given me, it looks like you have a shot...
Based on a sales price of $145k, you would need to put down about $30k. If you wanted a lower pymt, you could put down more. You will need to have full time employment, or a two year history of part time income to qualify.
Your best bet is to get with a loan officer and let hem pre-qualfy you for sure, but from what you have given me, it looks like you have a shot...
Hi WilburN!
Yes, you should consult a lender or a mortgage broker and see if you can get a pre-approval letter.
Thanks,
Jerry
Yes, you should consult a lender or a mortgage broker and see if you can get a pre-approval letter.
Thanks,
Jerry
With having money to put down, I would consider going Conventional.
Sounds like your ratio's are in line, around 27/39 and with good credit and 20% down, you could avoid going FHA and paying upfront mortgage insurance and monthly MI.
Also today, conventional rates are better than fha.
You lender is going to want to see a consistent income. If you are not gauranteed 'x' amount of hours a week, then they will take a two year average of income.
The probability of continued employment is another factor.
You should definately get with a lender to get prequalified.
I wouldn't invest all your money into the loan, you still need furnishings and it's always nice to have reserves.
6% conventional loan with 20% down, would be a principle and interest payment of $695.48 plus taxes and insurance (estimate $190) payment would be $885.48
Sounds like your ratio's are in line, around 27/39 and with good credit and 20% down, you could avoid going FHA and paying upfront mortgage insurance and monthly MI.
Also today, conventional rates are better than fha.
You lender is going to want to see a consistent income. If you are not gauranteed 'x' amount of hours a week, then they will take a two year average of income.
The probability of continued employment is another factor.
You should definately get with a lender to get prequalified.
I wouldn't invest all your money into the loan, you still need furnishings and it's always nice to have reserves.
6% conventional loan with 20% down, would be a principle and interest payment of $695.48 plus taxes and insurance (estimate $190) payment would be $885.48
Education will count towards your same line of work requirement of 2 years so you won't have a problem there. I would suggest just putting down 20% down and keep the rest for reserves. You should not have any problem getting financed at a low rate.