Posted on: 03rd Dec, 2010 01:51 pm
So I am currently working and recently out of college. After a year of work, I plan on going back to medical school. I was wondering if buying a condo in the city would be a good idea/investment. The rent cost I am paying right now in the city is $1450/mo, not including utilities.
Next year, beginning July, I will receive $1800/mo in student loans.
My parents are willing to buy the house in their name, and I will be responsible for the interest/property tax/assesment fees every month (around $1100-$1300 a mo). I will bank-transfer this money to them on a monthly basis. They plan on keepign the house after my graduation.
They have great credit, own one home already, paid off 45k in principal of their 200k mortgage. They are currently working overseas and renting out the said home, the rent price covers the monthly mortgage.
Will this be possible? Furthermore, will this be a good investment? Will they need to put down more than 20%? If they only put down 15%, will this still be a good idea? Any help would be appreciated and please don't hesitate to correct me if I'm wrong.
Next year, beginning July, I will receive $1800/mo in student loans.
My parents are willing to buy the house in their name, and I will be responsible for the interest/property tax/assesment fees every month (around $1100-$1300 a mo). I will bank-transfer this money to them on a monthly basis. They plan on keepign the house after my graduation.
They have great credit, own one home already, paid off 45k in principal of their 200k mortgage. They are currently working overseas and renting out the said home, the rent price covers the monthly mortgage.
Will this be possible? Furthermore, will this be a good investment? Will they need to put down more than 20%? If they only put down 15%, will this still be a good idea? Any help would be appreciated and please don't hesitate to correct me if I'm wrong.
to specify, as this is a graduate student loan that I will be taking out next year, my parents will not be cosigners.
Hi Mike,
You can buy the condo and your parents can finance it on your behalf. If your parents have a good credit, they will be able to get a mortgage on your behalf from the lenders. When you have a good income, you'll be able to refinance the mortgage in your name.
Thanks
You can buy the condo and your parents can finance it on your behalf. If your parents have a good credit, they will be able to get a mortgage on your behalf from the lenders. When you have a good income, you'll be able to refinance the mortgage in your name.
Thanks
What entertaining phrase
Please, keep to the point.