2013年10月22日星期二

What are the chances of me getting a mortgage?

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Here are my stats:

I have a credit score of 730 right now, with 4 credit cards and only 20% of its utilization being used. My salary right now is about 15 grand. Mostly because, i am full time student. The plans i have are for next year, by then i will have graduated with an AA degree, and have a salary of about 20-30 Grand. Plus my credit score should be at about 750 by then. I have zero loans out right now, and only 2 Hard Credit Inquiries. Never missed a payment on bills and bills are pretty basic.


I want to get a house for about i suppose up to 120k, i have 3 friends that will be moving with me. We practically live with each other now so it wont be an issue with living arangements whatever they may be, two of them will be making another 20 Grand a year and the 3rd will make about 10 grand. So all together we make 70 Grand and have steady jobs. Plus we may get new better paying jobs by next year. The loan would be taken out by me, not all four on a loan or anything. they would just be roomates essentially.


So in terms of bills i think i have done the math correctly and we would each need to make at least 500 a month plus however rent gets split up. The rest would be for savings or fun. I was just curious about the chances of approval, anything i may have overlooked, and ideas before i start making concrete plans. Also we are all 20 and two of us will have degrees possibly 3.
  • Additional Details
  • Also i just thought of this, if i buy a lower costing home that needs work, do i ask for a larger mortgage and put that extra money into the repairs or get a seperate loan?
  • What kind of responsibility is a co-signer put under? Like what obligations are they under and will it come back to bite them at some point?
  • Mary quick question, if there are 12 months in a year, and a 30 year loan means 360 months, what is 1500 times 360? Because basic math taught me that that would be 540,000. Just a little off from your number. That aside instead of being a ***** you could have simply said that you need to make 50k a year to qualify. But ill go ahead and let you go back to being in the clearly sad situation you are in now. Capiche???


    Sources:

    Common Sense, Manners

  • What are the chances of me getting a mortgage?

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